Buying a home has gotten harder for young adults in most U.S. metro areas

Visitors at Alamo Square Park, across from San Francisco’s iconic “Painted Ladies” homes. (Stephen Lam/San Francisco Chronicle via Getty Images) Young adults in the United States are facing tough economic headwinds. For many, rising costs and a challenging job market are making it harder to afford basic expenses. That can make owning a home feel further out of reach. About nine-in-ten adults younger than 40 (89%) say it’s harder for young adults today to buy a home than it was for their parents’ generation, according to a new Pew Research Center survey. Young adults are also less likely than older ones to say buying a home is a very good investment. About this research This Pew Research Center analysis focuses on how home affordability has changed since 2019 for households headed by adults younger than 40. It explores the changes for the United States overall and for 160 metropolitan areas. Why did we do this? Pew Research Center does high-quality research to help the public, the media and decision-makers understand important topics. According to most national house price indexes, the average price of a home in the U.S. has increased significantly since 2019. But the national increase may not accurately reflect increases at the local level. In addition, home affordability depends on how much household incomes have increased, not just on the price of housing. We took those factors into account in this analysis to paint a fuller picture of housing affordability. We focused on those under 40 because a lot of the national conversation on affordability centers on young adults. How did we do this? We measured the change in the national median home price by using the Owner-Occupied Real Estate OFHEO Purchases Only Price Index. The national median household income of household heads younger than 40 is based on the Current Population Survey Annual Social and Economic Supplement (ASEC). Household incomes are adjusted for household size and scaled to reflect a three-person household. The ASEC microdata files are from IPUMS CPS. The COVID-19 pandemic hampered data collection in 2020 and 2021, so the Census Bureau (which conducts the ASEC) weighted the ASEC to adjust for this. Our analysis used these weights, which are called entropy balance weights. Inflation adjustments use the Consumer Price Index for All Urban Consumers (CPI-U) less shelter. The analysis of the monthly costs of home ownership follows Harvard’s Joint Center for Housing Studies. In addition to principal and interest, other costs include 1.15% property taxes, 0.35% property insurance and 0.55% mortgage insurance fees. The metropolitan analysis of home values and young adults’ household incomes is based on the U.S. Census Bureau’s American Community Survey (ACS). It excludes homeowners who live in mobile homes, boats, tents or vans. The microdata files are from IPUMS USA. Public views on homeownership are based on a Pew Research Center survey of 10,091 U.S. adults conducted May 4-17, 2026. Everyone who took part is a member of the Center’s American Trends Panel. The surveys represent the views of all U.S. adults. Here are our survey questions used for this analysis, the detailed responses and the survey methodology. For young adult households in the U.S., home prices have increased much faster than incomes National median home price and median income for households headed by those under 40, in 2024 dollars Note: Data is labeled for the years 1975, 2019 and 2024. Median home price is based on the 2024 median home value from the ACS and the Owner-Occupied Real Estate OFHEO Purchases Only Price Index. Household income is size-adjusted and scaled to reflect a three-person household. All figures are rounded to the nearest $100. Source: Pew Research Center analysis of 2024 American Community Survey (IPUMS) and the 1976-2025 Current Population Survey, Annual Social and Economic Supplement (IPUMS) PEW RESEARCH CENTER For young adult households in the U.S., home prices have increased much faster than incomes National median home price and median income for households headed by those under 40, in 2024 dollars YearMedian home priceMedian household income under 40Price-to-income ratio1975$154,100 $62,900 2.51976$154,800 $64,900 2.41977$161,400 $66,300 2.41978$171,600 $69,200 2.51979$176,600 $70,200 2.51980$170,700 $67,300 2.51981$164,200 $65,400 2.51982$160,100 $65,700 2.41983$159,800 $65,000 2.51984$160,500 $68,500 2.31985$165,000 $69,300 2.41986$176,000 $71,600 2.51987$183,400 $73,600 2.51988$187,800 $74,100 2.51989$189,200 $74,700 2.51990$184,300 $72,100 2.61991$178,500 $70,300 2.51992$177,800 $69,700 2.61993$176,800 $68,200 2.61994$178,300 $68,300 2.61995$178,200 $70,700 2.51996$178,300 $71,300 2.51997$179,700 $73,000 2.51998$186,800 $75,800 2.51999$194,400 $77,800 2.52000$200,500 $79,900 2.52001$209,300 $78,900 2.72002$222,500 $78,300 2.82003$234,300 $76,300 3.12004$249,600 $75,900 3.32005$265,700 $75,700 3.52006$272,700 $76,300 3.62007$265,700 $78,100 3.42008$233,600 $75,900 3.12009$221,800 $72,400 3.12010$209,700 $70,500 32011$192,900 $68,300 2.82012$194,200 $69,800 2.82013$205,300 $71,200 2.92014$213,000 $72,100 32015$226,800 $78,000 2.92016$238,800 $83,500 2.92017$249,500 $84,600 2.92018$259,500 $87,400 32019$269,600 $92,700 2.92020$288,800 $92,400 3.12021$318,400 $94,200 3.42022$331,000 $92,100 3.62023$337,900 $96,000 3.52024$350,000 $100,900 3.5 Note: Data is labeled for the years 1975, 2019 and 2024. Median home price is based on the 2024 median home value from the ACS and the Owner-Occupied Real Estate OFHEO Purchases Only Price Index. Household income is size-adjusted and scaled to reflect a three-person household. All figures are rounded to the nearest $100. Source: Pew Research Center analysis of 2024 American Community Survey (IPUMS) and the 1976-2025 Current Population Survey, Annual Social and Economic Supplement (IPUMS) PEW RESEARCH CENTER Since 2019, home prices in the U.S. have risen faster than young adults’ incomes, which has made buying a home even more challenging. This is true both at the national level and in most metropolitan areas around the country, according to a Center analysis of government data. One way of measuring home affordability is to compare the median price of a home with the median household income. This is often expressed as the price-to-income ratio. Between 2019 and 2024: The inflation-adjusted median home value rose 30% (from $269,600 to $350,000). Inflation-adjusted median household income for households headed by those under 40 rose only 9% (from $92,700 to $100,900). As a result, the price-to-income ratio for households headed by those under 40 rose from 2.9 in 2019 to 3.5 in 2024. The only other period when the price-to-income ratio for young persons reached this level was during the housing bubble of the mid-2000s. It peaked at 3.6 in 2006. Before 2000, it hovered around 2.5. Other factors that influence the affordability of homes Home affordability for young adults depends on more than just home prices and income. Factors such as mortgage rates, property taxes, home insurance and lending standards also play a role. Several of these factors have changed since 2019. For example, according to Freddie Mac, the average 30-year fixed mortgage rate increased from 3.9% in 2019 to 6.7% in 2024. All these things have an impact on the monthly costs of owning a home. And those costs have risen significantly since 2019. Using the median home price and other costs for each year: In 2019, if a homebuyer made a 3.5% down payment and had a mortgage rate of 3.9% on a $269,600 home, their monthly costs would have been $1,689. (Read “About this research” for more on how this was calculated.) In 2024, with 3.5% down and a 6.7% mortgage rate on a $350,000 home, their monthly costs would have been $2,776. Fewer young adults can now afford these monthly housing costs. In 2019, 56% of renter households younger than 40 had enough income to afford the monthly cost of owning a home. By 2024, that share had dropped to 37%. Even before considering the monthly cost of owning a home, buyers need to come up with a down payment. In a 2024 Federal Reserve survey, 70% of renters under age 40 said they rent rather than own because they cannot afford a down payment. This was a bigger factor than not being able to afford the monthly mortgage. The cost of a down payment has also gone up sharply in recent years as home prices have risen. For the $269,600 home in 2019, a 3.5% down payment and an additional 3.0% in closing costs would have required a buyer to have $17,500 in cash. For the $350,000 home in 2024, a similar down payment and closing costs would have been roughly $22,800. Views of homeownership Most adults (87%) say that buying a home is harder for young adults today than it was for their parents’ generation. Adults under 40 are slightly more likely than those 40 and older to say this (89% vs. 85%). Despite the challenges young adults face, most Americans (67%) say buying a home is a good investment these days. Only 14% say it’s a bad investment, and 18% say it’s neither. But adults under 40 are less likely than older adults to say it’s a very good investment. About 1 in 4 adults younger than 40 say buying a home is a very good investment % of U.S. adults who say buying a home is a ___ investment these days Note: Shares who didn’t offer an answer are not shown. Source: Survey of U.S. adults conducted May 4-17, 2026. PEW RESEARCH CENTER About 1 in 4 adults younger than 40 say buying a home is a very good investment % of U.S. adults who say buying a home is a ___ investment these days GroupVery badSomewhat badSomewhat goodVery goodNeither good nor badAll adults1410373018Ages 18-39241238242140-59251137291860+236363816 Note: Shares who didn’t offer an answer are not shown. Source: Survey of U.S. adults conducted May 4-17, 2026. PEW RESEARCH CENTER Home affordability trends in U.S. metro areas About 60% of metro areas in the U.S. are classified as unaffordable in 2024 % of metro areas at each level of home affordability for households headed by those under 40 Note: Figures may not add to 100% due to rounding. Home affordability is based on the ratio of the median home value to median income for households headed by those under 40. The analysis includes 160 metro areas with available data. Source: Pew Research Center analysis of 2019 and 2024 American Community Survey (IPUMS). PEW RESEARCH CENTER About 60% of metro areas in the U.S. are classified as unaffordable in 2024 % of metro areas at each level of home affordability for households headed by those under 40 Very affordableSomewhat affordableSomewhat unaffordableVery unaffordable20191446271420242384119 Note: Figures may not add to 100% due to rounding. Home affordability is based on the ratio of the median home value to median income for households headed by those under 40. The analysis includes 160 metro areas with available data. Source: Pew Research Center analysis of 2019 and 2024 American Community Survey (IPUMS). PEW RESEARCH CENTER In many ways, home affordability is more of a local story than a national one, as home prices and incomes differ widely across the U.S. For households headed by those younger than 40, homes have gotten less affordable in most metro areas where data is available. Median home values grew faster than the median income of young adult households in 142 of these 160 metropolitan areas from 2019 to 2024. We classified metro areas into four groups based on the price-to-income ratio: Very affordable: Less than 2.5 price-to-income ratio Somewhat affordable: Greater than or equal to 2.5 and less than 3.5 Somewhat unaffordable: Greater than or equal to 3.5 and less than 5 Very unaffordable: Greater than or equal to 5 In 2019, 59% of the metros with available data were very or somewhat affordable for households younger than 40. The other 41% were somewhat or very unaffordable. By 2024, the situation reversed: 39% of the metros were somewhat or very affordable and 61% were somewhat or very unaffordable. In U.S. metro areas along the coasts, homeownership tends to be unaffordable for households younger than 40 Classification of metro areas by level of home affordability for households headed by those under 40, in 2024 Note: Home affordability is based on the ratio of the median home value to the median income for households headed by those under 40. The analysis includes 160 metro areas with available data. Source: Pew Research Center analysis of 2024 American Community Survey (IPUMS). PEW RESEARCH CENTER In U.S. metro areas along the coasts, homeownership tends to be unaffordable for households younger than 40 Classification of metro areas by level of home affordability for households headed by those under 40, in 2024 CBSAMetro areaStateMedian home priceMedian household income under 40Price-to-income ratio10420Akron, OHOhio$230,000$80,0002.910580Albany-Schenectady-Troy, NYNew York$311,000$106,5212.910740Albuquerque, NMNew Mexico$300,000$81,4063.710900Allentown-Bethlehem-Easton, PA-NJPennsylvania$310,000$96,9953.211100Amarillo, TXTexas$250,000$65,0003.811260Anchorage, AKAlaska$380,000$96,000411460Ann Arbor, MIMichigan$350,000$80,0004.411700Asheville, NCNorth Carolina$400,000$84,3854.712060Atlanta-Sandy Springs-Roswell, GAGeorgia$390,000$102,1913.812100Atlantic City-Hammonton, NJNew Jersey$380,000$99,5933.812260Augusta-Richmond County, GA-SCGeorgia$295,000$79,6743.712420Austin-Round Rock-San Marcos, TXTexas$450,000$114,6403.912540Bakersfield-Delano, CACalifornia$409,000$72,4055.612580Baltimore-Columbia-Towson, MDMaryland$400,000$111,7173.612940Baton Rouge, LALouisiana$250,000$71,8803.513140Beaumont-Port Arthur, TXTexas$200,000$69,2822.913820Birmingham, ALAlabama$270,000$86,6033.113980Blacksburg-Christiansburg-Radford, VAVirginia$280,000$60,0134.714010Bloomington, ILIllinois$232,000$67,3613.414260Boise City, IDIdaho$450,000$94,3974.814460Boston-Cambridge-Newton, MA-NHMassachusetts$630,000$147,2244.314740Bremerton-Silverdale-Port Orchard, WAWashington$580,000$107,9795.414860Bridgeport-Stamford-Danbury, CTConnecticut$521,000$129,904415180Brownsville-Harlingen, TXTexas$186,000$53,0313.515380Buffalo-Cheektowaga, NYNew York$250,000$90,0672.815940Canton-Massillon, OHOhio$200,000$81,4062.515980Cape Coral-Fort Myers, FLFlorida$400,000$91,7994.416700Charleston-North Charleston, SCSouth Carolina$400,000$103,9233.816740Charlotte-Concord-Gastonia, NC-SCNorth Carolina$380,000$97,9803.916820Charlottesville, VAVirginia$425,000$95,0404.516860Chattanooga, TN-GATennessee$300,000$90,9333.316980Chicago-Naperville-Elgin, IL-INIllinois$300,000$107,7782.817020Chico, CACalifornia$500,000$56,4618.917140Cincinnati, OH-KY-INOhio$275,000$93,5312.917300Clarksville, TN-KYTennessee$300,000$76,2103.917410Cleveland, OHOhio$230,000$90,9332.517780College Station-Bryan, TXTexas$315,000$55,0005.717820Colorado Springs, COColorado$500,000$98,7275.117900Columbia, SCSouth Carolina$290,000$69,2824.218140Columbus, OHOhio$312,000$93,0813.418580Corpus Christi, TXTexas$240,000$69,9753.419100Dallas-Fort Worth-Arlington, TXTexas$375,000$100,4293.719430Dayton-Kettering-Beavercreek, OHOhio$225,000$79,6742.819660Deltona-Daytona Beach-Ormond Beach, FLFlorida$360,000$82,2724.419740Denver-Aurora-Centennial, COColorado$600,000$129,9044.619780Des Moines-West Des Moines, IAIowa$275,000$98,9952.819820Detroit-Warren-Dearborn, MIMichigan$260,000$90,0672.921340El Paso, TXTexas$220,000$64,9523.421500Erie, PAPennsylvania$210,000$71,014321660Eugene-Springfield, OROregon$450,000$78,8955.721780Evansville, INIndiana$225,000$79,6082.822180Fayetteville, NCNorth Carolina$255,000$69,2823.722220Fayetteville-Springdale-Rogers, ARArkansas$330,000$80,5404.122660Fort Collins-Loveland, COColorado$575,000$95,263623060Fort Wayne, INIndiana$250,000$76,2103.323420Fresno, CACalifornia$455,000$75,934624340Grand Rapids-Wyoming-Kentwood, MIMichigan$300,000$93,0003.224660Greensboro-High Point, NCNorth Carolina$280,000$69,810424860Greenville-Anderson-Greer, SCSouth Carolina$300,000$90,0003.325420Harrisburg-Carlisle, PAPennsylvania$290,000$94,0003.125540Hartford-West Hartford-East Hartford, CTConnecticut$360,000$112,5833.225860Hickory-Lenoir-Morganton, NCNorth Carolina$280,000$80,0003.526420Houston-Pasadena-The Woodlands, TXTexas$320,000$85,8553.726620Huntsville, ALAlabama$300,000$98,727326900Indianapolis-Carmel-Greenwood, INIndiana$280,000$91,2433.127140Jackson, MSMississippi$225,000$73,5873.127260Jacksonville, FLFlorida$400,000$90,0674.428020Kalamazoo-Portage, MIMichigan$250,000$75,9343.328140Kansas City, MO-KSMissouri$300,000$93,0813.228880Kiryas Joel-Poughkeepsie-Newburgh, NYNew York$425,000$95,2634.528940Knoxville, TNTennessee$350,000$82,3034.329180Lafayette, LALouisiana$250,000$69,0003.629460Lakeland-Winter Haven, FLFlorida$350,000$76,3024.629540Lancaster, PAPennsylvania$300,000$95,5303.129620Lansing-East Lansing, MIMichigan$250,000$83,895329820Las Vegas-Henderson-North Las Vegas, NVNevada$450,000$86,6035.230700Lincoln, NENebraska$275,000$76,1793.630780Little Rock-North Little Rock-Conway, ARArkansas$240,000$70,0003.431080Los Angeles-Long Beach-Anaheim, CACalifornia$850,000$113,1377.531140Louisville/Jefferson County, KY-INKentucky$250,000$85,7322.931180Lubbock, TXTexas$250,000$59,8074.231340Lynchburg, VAVirginia$300,000$84,0003.632580McAllen-Edinburg-Mission, TXTexas$200,000$57,5633.532820Memphis, TN-MS-ARTennessee$300,000$73,4854.132900Merced, CACalifornia$450,000$60,6227.433100Miami-Fort Lauderdale-West Palm Beach, FLFlorida$460,000$92,591533340Milwaukee-Waukesha, WIWisconsin$300,000$95,2633.133460Minneapolis-St. Paul-Bloomington, MN-WIMinnesota$370,000$113,4113.333660Mobile, ALAlabama$225,000$68,3413.333700Modesto, CACalifornia$500,000$81,8136.133860Montgomery, ALAlabama$220,000$66,1643.334980Nashville-Davidson–Murfreesboro–Franklin, TNTennessee$400,000$101,6543.935300New Haven, CTConnecticut$350,000$105,3283.335380New Orleans-Metairie, LALouisiana$250,000$82,272335620New York-Newark-Jersey City, NY-NJNew York$600,000$129,9044.635840North Port-Bradenton-Sarasota, FLFlorida$450,000$96,7554.735980Norwich-New London-Willimantic, CTConnecticut$350,000$105,1813.336260Ogden, UTUtah$500,000$91,4025.536420Oklahoma City, OKOklahoma$250,000$75,0003.336500Olympia-Lacey-Tumwater, WAWashington$538,000$117,3464.636540Omaha, NE-IANebraska$270,000$90,067336740Orlando-Kissimmee-Sanford, FLFlorida$400,000$88,3354.537100Oxnard-Thousand Oaks-Ventura, CACalifornia$850,000$120,0007.137340Palm Bay-Melbourne-Titusville, FLFlorida$390,000$92,6654.237860Pensacola-Ferry Pass-Brent, FLFlorida$339,000$81,0604.237980Philadelphia-Camden-Wilmington, PA-NJ-DE-MDPennsylvania$350,000$106,2073.338060Phoenix-Mesa-Chandler, AZArizona$450,000$97,0004.638300Pittsburgh, PAPennsylvania$250,000$98,7272.538860Portland-South Portland, MEMaine$450,000$109,2184.138900Portland-Vancouver-Hillsboro, OR-WAOregon$550,000$115,8614.739300Providence-Warwick, RI-MARhode Island$450,000$103,9234.339340Provo-Orem-Lehi, UTUtah$550,000$86,9496.339580Raleigh-Cary, NCNorth Carolina$450,000$116,3513.939740Reading, PAPennsylvania$289,000$95,275339900Reno, NVNevada$525,000$95,2635.540060Richmond, VAVirginia$375,000$95,0003.940140Riverside-San Bernardino-Ontario, CACalifornia$600,000$93,0816.440220Roanoke, VAVirginia$276,000$89,8593.140380Rochester, NYNew York$250,000$94,0002.740420Rockford, ILIllinois$200,000$71,0142.840900Sacramento-Roseville-Folsom, CACalifornia$622,000$103,400641180St. Louis, MO-ILMissouri$250,000$93,0812.741500Salinas, CACalifornia$760,000$94,918841620Salt Lake City-Murray, UTUtah$525,000$105,000541700San Antonio-New Braunfels, TXTexas$300,000$80,0003.841740San Diego-Chula Vista-Carlsbad, CACalifornia$875,000$124,924741860San Francisco-Oakland-Fremont, CACalifornia$1,000,000$173,2055.841940San Jose-Sunnyvale-Santa Clara, CACalifornia$1,300,000$213,1066.142020San Luis Obispo-Paso Robles, CACalifornia$829,000$90,4009.242200Santa Maria-Santa Barbara, CACalifornia$825,000$86,0009.642220Santa Rosa-Petaluma, CACalifornia$800,000$122,4746.542540Scranton–Wilkes-Barre, PAPennsylvania$225,000$83,1902.742660Seattle-Tacoma-Bellevue, WAWashington$700,000$140,846543900Spartanburg, SCSouth Carolina$280,000$74,4783.844060Spokane-Spokane Valley, WAWashington$450,000$90,067544100Springfield, ILIllinois$200,000$85,7322.344140Springfield, MAMassachusetts$350,000$90,0673.944180Springfield, MOMissouri$250,000$77,9423.244700Stockton-Lodi, CACalifornia$600,000$94,3056.445060Syracuse, NYNew York$225,000$86,2562.645300Tampa-St. Petersburg-Clearwater, FLFlorida$400,000$93,0984.345780Toledo, OHOhio$200,000$72,7462.745820Topeka, KSKansas$212,000$76,0002.845940Trenton-Princeton, NJNew Jersey$425,000$111,8003.846060Tucson, AZArizona$385,000$77,9424.946140Tulsa, OKOklahoma$245,000$77,7823.146520Urban Honolulu, HIHawaii$900,000$102,8798.746540Utica-Rome, NYNew York$210,000$88,3352.446700Vallejo, CACalifornia$650,000$109,119647260Virginia Beach-Chesapeake-Norfolk, VA-NCVirginia$360,000$88,1824.147300Visalia, CACalifornia$400,000$68,2005.947380Waco, TXTexas$280,000$69,282447900Washington-Arlington-Alexandria, DC-VA-MD-WVVirginia$550,000$139,4303.948620Wichita, KSKansas$225,000$74,478348900Wilmington, NCNorth Carolina$388,000$94,3054.149180Winston-Salem, NCNorth Carolina$280,000$72,7463.849340Worcester, MAMassachusetts$500,000$108,4444.649420Yakima, WAWashington$385,000$62,8736.149620York-Hanover, PAPennsylvania$280,000$98,7272.849660Youngstown-Warren, OHOhio$180,000$69,6282.6 Note: Home affordability is based on the ratio of the median home value to the median income for households headed by those under 40. The analysis includes 160 metro areas with available data. Source: Pew Research Center analysis of 2024 American Community Survey (IPUMS). PEW RESEARCH CENTER U.S. metro areas with the highest and lowest house price-to-income ratios in 2024 10 least affordable metro areasPrice-to-income ratioSanta Maria-Santa Barbara, CA9.6San Luis Obispo-Paso Robles, CA9.2Chico, CA8.9Urban Honolulu, HI8.7Salinas, CA8.0Los Angeles-Long Beach-Anaheim, CA7.5Merced, CA7.4Oxnard-Thousand Oaks-Ventura, CA7.1San Diego-Chula Vista-Carlsbad, CA7.0Santa Rosa-Petaluma, CA6.510 most affordable metro areasSpringfield, IL2.3Utica-Rome, NY2.4Canton-Massillon, OH2.5Cleveland, OH2.5Pittsburgh, PA2.5Youngstown-Warren, OH2.6Syracuse, NY2.6Rochester, NY2.7St. Louis, MO-IL2.7Scranton–Wilkes-Barre, PA2.7 Note: The calculated price-to-income ratio is based on the median home value and median household income of households headed by those under 40. Household income is size-adjusted and scaled to reflect a three-person household. Rankings are based on 160 metro areas with available data.Source: Pew Research Center analysis of 2024 American Community Survey (IPUMS). PEW RESEARCH CENTER There were four states in 2024 in which all metro areas with available data were very unaffordable: California, Hawaii, Nevada and Utah. The 10 least affordable metros nationwide were in California or Hawaii. The 10 most affordable metros were spread across New York, Illinois, Missouri, Ohio and Pennsylvania. Note: Here are our survey questions used for this analysis, the detailed responses and the survey methodology.