Millennials Face Housing Affordability Crisis Across the US

Moody’s chief economist Mark Zandi highlights the impact of unaffordable homeownership on millennials, affecting their financial perceptions and potentially influencing the 2024 election. While mortgage rates are currently around 6.8%, down from a peak of 8%, they remain high compared to the record low of 2.6% in January 2021. Homeownership is increasingly important to millennials as a means of financial stability, but the housing market's unaffordability, exacerbated by economic shocks and student loan debts, poses a significant challenge.