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Money Happens: What to do when becoming a homeowner feels out of reach
Harvard researchers say 65% of working-age renters cannot cover monthly expenses after housing, underscoring why many aspiring buyers struggle to save.
- Tyler Jones, a 21-year-old living in Springfield, Massachusetts, works two jobs but finds homeownership unattainable as every paycheck is fully committed to living expenses.
- Currently, 65% of working-age renters cannot cover monthly expenses after paying for housing, according to the Harvard Joint Center for Housing Studies, with nearly half cost-burdened by rent in 2024.
- Anxiety about never owning a home can create a "self-perpetuating cycle" that halts financial planning, said John Hankins, a certified financial therapist, who noted that avoiding financial worries only increases the time required to resolve them.
- Jones has avoided debt after watching his parents' struggles, but he needs to build a credit history to buy a home; Hankins cautioned that credit cards are "a dangerous thing" and require careful management.
- Although Jones often compares his situation to his parents, who became homeowners in their twenties, Hankins noted such comparisons are unhelpful because they operated under different rules, leaving homeownership unattainable for contemporary generations.
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16 Articles
16 Articles
Coverage Details
Total News Sources16
Leaning Left8Leaning Right2Center6Last UpdatedBias Distribution50% Left
Bias Distribution
- 50% of the sources lean Left
50% Left
L 50%
C 38%
12%
Factuality
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