> But down payment requirements have gotten looser too! According to the National Association of Realtors, the average homebuyer in 1989 put 20 percent down. In 2021, it was 13 percent.
I think this is important and two-sided stat. There's a mixture of programs that make obtaining large mortgages actually very easy. FHA loans and state down payment assistance programs have certainly helped many 'afford' housing. However, I think many who lived through the 2008 crash are skeptical of purchasing homes with less than 20% down. Essentially you have to be informed enough to seek out these programs but not informed enough as to be petrified knowing these programs are keeping home prices high.
In any case these graphs don't show generational differences and several obscure them. The graphs show homes have gotten larger, apartments have gotten smaller, yet rents overall have increased which is related to why younger generations are paying much more per sqft.
I think this is important and two-sided stat. There's a mixture of programs that make obtaining large mortgages actually very easy. FHA loans and state down payment assistance programs have certainly helped many 'afford' housing. However, I think many who lived through the 2008 crash are skeptical of purchasing homes with less than 20% down. Essentially you have to be informed enough to seek out these programs but not informed enough as to be petrified knowing these programs are keeping home prices high.
In any case these graphs don't show generational differences and several obscure them. The graphs show homes have gotten larger, apartments have gotten smaller, yet rents overall have increased which is related to why younger generations are paying much more per sqft.