Young adults across the Pacific Northwest have found homeownership to be increasingly out of reach as home prices across the nation rise, a poll by PEMCO Mutual Insurance shows.
The poll shows that 81% of respondents agree that Gen Z and Millennial adults are far less likely to own a home than previous generations.
The poll of Washington and Oregon residents is a big change from 2020, when 68% shared the same sentiment.
The pollsters surmise the rise could be due to several factors, including a lack of affordable housing, persistent inflation and stagnant wages.
Current homeowners polled shared the renters’ sentiments: more than one third of respondents (38%) reported they would not be able to purchase the home they own for what it’s worth in today’s market.
However, a majority of respondents (65%) reported that they are likely to own a home one day. Adults under 35 were the most confident, with 75% of respondents believing they are likely to own a home one day, followed by the 35 to 54 ate group at 65% and the 55-plus age group at 47%.
For those who currently rent, 73% said the downpayment on a house is what’s stopping them from purchasing a home. Nearly one-in-six (59%) said the monthly mortgage payments are also a major barrier in becoming a homeowner. Both numbers have risen significantly since PEMCO last asked in 2020 (55% and 51%, respectively).
PEMCO commissioned the survey, which was conducted by Qualtrics, asking Washington and Oregon residents questions about attitudes toward current Northwest issues. The sample size included 420 respondents in the Seattle Metro (King, Snohomish, Pierce Counties) region, 402 respondents in the Portland Metro (Multnomah, Marion, Clackamas, Washington Counties) and 383 respondents in the Spokane area (Spokane and Stevens Counties).
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