The Challenges of Homeownership and Career Advancement for Millennials and Gen Z

A poll conducted by CNBC and Generation Lab reveals that a majority of adults aged 18 to 34 believe that life is more challenging for them compared to their parents' generation. Over half of the respondents said it is much harder to buy a home, find a job, and get promoted. Factors such as inflation, student debt, wealth inequality, and a disappearing middle class have made the American Dream seem unattainable for younger generations. Millennials, who make up the majority of homebuyers, are struggling with housing affordability, with the median-priced home in the US costing over $311,000. The labor market has also been difficult, with millennials graduating into the Great Recession and Gen Z facing the challenges of the pandemic. Despite the challenges, there are glimmers of optimism as young workers are finding economic opportunities outside of traditional employment.