The "American Dream"—that concept where you're supposed to own a home complete with a white picket fence—is teetering on the edge of extinction. Why? Because for Gen Z and millennials, buying a home is more like a delusional dream than an achievable goal.

A recent Redfin-commissioned survey by Qualtrics blows the lid off some disheartening statistics. About 18% of millennials and a terrifying 12% of Gen Zers genuinely believe they'll never own a home. Wrap your heads around that!

The Affordability Crisis: A Millennial and Gen Z Nightmare

If you're a Gen Z or millennial individual, buying a home isn't just about mulling over paint colors or whether to get a condo or a ranch-style house. No, the question that looms over your head is, can I even afford this? Home prices are up a gut-wrenching 40% since 2019. Wages? A measly rise of roughly 20% in the same period. So you can kiss affordability goodbye.

According to the survey, roughly half of Gen Z and millennial renters point their fingers at the atrocious pricing of homes as the biggest barrier to their homeownership dreams.

Mortgage Rates: The Silent Killer

Got enough for a down payment? Congratulations! You've conquered the first of the Twelve Labors of Hercules. Now, get ready to get wrecked by mortgage rates.

About one-third of millennials and Gen Zers call mortgage rates their poison. These rates have doubled and hit their highest level in over two decades. So even if you think you're in the clear with your down payment, the mortgage rates are ready to eat you alive.

Hustle Culture is Not a Choice, It's a Requirement

Look, no one's working a side hustle because it's fun. About 41% of Gen Z and 36% of millennials are slaving away at second jobs just to gather enough pennies for a down payment. Isn't that just peachy?

And here's a twist: a full 28% of Gen Z and 23% of millennials are relying on cash gifts from family for their down payment.

The Debt Dilemma

In this debt-ridden society, it's no surprise that paying off student loans takes priority. Around 21% of Gen Zers and 16% of millennials have to clear this hurdle before even thinking about homeownership.

Investments: A Risky Lifeline

About 20% of both Gen Zers and millennials are considering selling stock, and approximately 15% are thinking of cashing out their cryptocurrency investments for a down payment. Yes, that's right. We've come to a point where volatile investments look like the lesser evil compared to the current housing market.

Final Thoughts

The dream of homeownership is drifting further and further away from younger generations. As home prices continue to skyrocket, wages stagnate, and mortgage rates soar, it's becoming increasingly clear that many young Americans don't have a choice between renting and buying. Renting is the only viable option. But hey, who wanted to be a homeowner anyway?