From Fortune:



This year’s housing market reached highs and lows with mortgage rates spiking at 8% in October and home prices rising throughout the year. The obstacles for younger generations in buying homes, including difficulty saving up for down payments, have made it harder for them to break into the housing market. Conditions in the housing market are expected to remain largely unchanged in 2024, with mortgage rates likely to stay in the 6% range.
Millennials and Gen Zers are getting creative to afford homes, with many using side gigs, wedding registries, and getting financial help from family members to finance their down payment. Forecasted trends indicate that housing market conditions will remain difficult, as high home prices are making it challenging for younger generations to afford their first homes. With creative financing and help from family members, these generations are finding ways to break into the housing market.



Read more: Millennials, 2024 probably won’t be your year to break into the housing market