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A majority (57 percent) say they would need a side hustle or second job, and over a quarter (27 percent) have had to or would have to live with their parents longer. Almost half (45 percent) also say they would need to overhaul their spending and saving habits.
Family support plays a significant role, with 62 percent saying financial support from family is necessary to buy a home, and 19 percent needing to buy with family or parents. However, 39 percent want to help family members financially but cannot afford to do so.
Most (54 percent) prefer to have family live with them to save money rather than provide financial support directly.
Mounting costs and inflation are pressuring next-time home buyers. Two-thirds (66 percent) of those likely to buy again in the next two years worry about covering home ownership costs, and half (51 percent) are concerned about buying their next home due to inflation.
The research found that three-quarters (76 percent) believe the housing market in their community is overpriced, with 64 percent saying they could not purchase their first home in today’s market. The same proportion believes they would need to move out of their current city to buy a larger home.
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