Housing: Many young adults have given up on the American Dream

That’s what one in five millennials and one in 10 Gen Zers think, according to a new Redfin survey that polled 3,313 young adults in May and June. They point to their inability to save for a down payment, costly financing, andThe findings underscore just how much housing conditions have deteriorated for those generations entering their prime household-forming and homebuying years and how far the American Dream is out of reach — without major sacrifice or a helping hand.

Nearly half of millennials and a third of Gen Zers cited the inability to save for a down payment as an obstacle, while 21% of Gen Zers and 16% of millennials said they need to pay off student loan debt before they’re able to purchase a home. "Mortgage payments are a hurdle. There really aren't that many homes for sale to begin with," Fairweather said. "So people's options are limited."The shortage of existing homes on the market have also kept home prices elevated this year. Many homeowners are reluctant to sell their homes and lose their current low mortgage rate.

The entry-level buyers making the American Dream happen are putting in extra hustle, getting a little help from mom and dad, or cashing out other investments.

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