Millennials face dwindling options in an increasingly unaffordable housing market

Millennials, often referred to as the "unluckiest generation," are struggling to enter the housing market due to high interest rates and soaring home prices. Baby boomers, who have built up home equity and can pay in cash, now represent the largest share of home buyers, pushing many millennials to the sidelines. The median age of first-time homebuyers has climbed to 36, the oldest since records began in 1981. The uncertainty of when mortgage rates will drop and the costs associated with refinancing have made the decision to buy a home even more challenging for millennials. Despite the obstacles, millennials continue to strive for homeownership, driven by the desire to build wealth and provide a stable future for their families.