"This Life Is a Give-Up"... 25% of US M Generation Are 'Jippoja'

Bloomberg Report "Giving Up on Buying a Home" Response
2018: 13.3% → 2022: 24.7%

Half of American millennials (born 1981?1996, Generation M) do not own a home, and among them, 25% have given up on the dream of "owning a home" for life, according to a survey. Even among millennials who plan to own a home, about 70% are unable to afford to purchase one.

On the 19th (local time), Bloomberg News in the U.S. reported citing a survey by the real estate site Apartment List that 24.7% of millennials in 2022 responded that they have given up on owning a home and plan to rent for life (always rent). This percentage has steadily increased from 13.3% in 2018 and 21.3% in 2020.

Among millennial renters, 75.3% said they plan to buy a home. However, the majority were found to lack the down payment or have difficulty making monthly mortgage payments, making it impossible to purchase a home right now. Among millennials dreaming of owning a home, 67% lack the money to prepare a down payment, and 18% have savings of less than $10,000 (approximately 13.2 million KRW). The proportion who said it is difficult to buy a home due to poor credit also reached 42%, up from 39% in 2018.

While the dream of homeownership is becoming increasingly distant for millennials currently "living on rent," the proportion of millennials who own homes has increased. The homeownership rate among millennials exceeded half for the first time in 2022, reaching 51.5%. However, the areas where millennials own homes were concentrated in relatively affordable regions. For example, 63% of millennials living in Grand Rapids, Michigan, owned homes, whereas in Los Angeles (LA), the homeownership rate among millennials was only 27%. According to Full.com, a U.S. personal financial investment advisory site, the average home price in Michigan was $234,000 last July, about one-third of the average home price in California, where LA is located, at $817,000.

Bloomberg analyzed, "Half of millennials are salaried workers who almost never own stocks or have not taken student loans," adding that "they have fallen behind other generations in accumulating wealth due to experiencing the 2008 global financial crisis, wage stagnation, the rapid rise in home prices during the COVID-19 pandemic, and recent increases in interest rates and inflation."

This content was produced with the assistance of AI translation services.