Millennials are experiencing heightened stress regarding their mortgages compared to other generations, with many citing financial burdens from soaring home values and high interest rates. The Hometap survey indicates only half of millennials view homeownership as part of the American dream, while a significant portion perceives it as a financial strain. Factors such as rising household responsibilities and stagnant wages contribute to their apprehension towards real estate. This demographic's historical experience with financial crises has made them skeptical about the security of large real estate investments, resulting in a notable decrease in their home buying activity.
"Millennials know housing is cyclical. They have been impacted by it and are, in turn, wary of large financial real estate decisions. They aren't convinced real estate is a good investment."
"Millennials have a lot on their cumulative financial plates-thanks to soaring home values and corresponding large mortgages. Add in high interest rates as the icing on the cake and you can see how financial strain is hitting this demographic hard."
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