- According to a recent Federal Reserve Bank of New York report, fewer renters believe they will ever own a home, with many seeing their chances as less than 50%. This marks a continuation of a trend that began in 2016.
- Despite challenges, more people are turning to organizations like Habitat for Humanity for help in achieving homeownership.
Experts suggest that with the right resources, owning a home is still achievable for many, especially those who stay in their first home for 5-10 years.
BROADCAST TRANSCRIPT:
The American Dream is changing for more and more people. I’m Melissa Wright, here in North Downtown, talking to neighbors about the ongoing struggle to buy a home. A new report reveals fewer Americans believe they’ll ever own their own house.
"I am on Zillow and everything multiple times a day, but it’s nasty out," said Swiney.
LaResha Swiney has called North Downtown home for a little over a year now. But she’s come to terms with a hard truth—she’ll probably never be able to purchase her own home.
"I’d much rather pay rent every month and have peace in that until —going forward," said Swiney.
She’s not the only one coming to this realization. This week, the Federal Reserve Bank of New York reported that renters think they have a less than 50% chance of ever owning a home. This marks the continuation of a downward trend that began in 2016.
"Our idea of the American Dream has been shattered to pieces… and it is now our responsibility to build our own dreams, however that looks to us," said Swiney. "We’ve watched people do right, go to work, pay taxes… and still get presented with the short end of the stick."
It's not all bad news, though. According to the U.S. Census Bureau, people are still buying homes. However, it can be a challenge—especially for first-time buyers—without taking advantage of resources available.
"For so many people, they think homeownership is so permanent. That’s what I think some of that fear comes from. But the reality is, people stay in their first-time homes for 5-10 years," said Studnicka.
Lacey Studnicka with Habitat for Humanity says more people than ever are turning to them for assistance with buying homes.
"When you're renting, that money is lost, right? But when you're owning, you are able to build and invest in yourself," said Studnicka.
For some neighbors, buying a home with the support of non-profits like Habitat for Humanity seems more attainable. However, it’s not without its challenges. Just this Tuesday, the Conference Board, a consumer research group, reported that Americans are feeling less confident about their financial future due to rising tariffs and the threat of even higher mortgage rates.
Statistics show that Omaha is one of the country’s most competitive rental markets. This is due to job growth, minimal housing options, and the growing community.
In North Downtown, I’m Melissa Wright.
