Home affordability delaying life milestones for aspiring buyers

Coldwell Banker Real Estate has released its 2025 American Dream Report, finding that a majority of aspiring homeowners are postponing at least one major life decision — marriage, children, career changes, and even pet ownership — until they can afford to purchase a home.

The company commissioned The Harris Poll to survey more than 3,000 U.S. adults, including nearly 900 aspiring homeowners, to examine how homeownership fits into modern definitions of the American Dream.

Among those hoping to buy a home, 18% said they are delaying marriage and an identical share are postponing having children.

Another 17% are holding off on changing jobs or careers or getting a pet and 16% said they are not living independently due to housing costs.

Fifteen percent reported delaying starting a business or going self-employed, while 71% are holding off on at least one life milestone, the report said.

“While affordability remains a significant hurdle, the desire for homeownership among Americans is so strong that many are restructuring their lives to make it a reality – from postponing parenthood to moving in with family to reduce expenses,” said Jason Waugh, President of Coldwell Banker Affiliates. “This report underscores that people view homeownership not only as a foundation for personal and financial stability, but also as one of the most effective vehicles for building long-term wealth – often surpassing the stock market in perceived value.”

Affordability hurdles affect milestone schedule

Younger adults appear to be restructuring early-adulthood milestones around affordability barriers.

Eighty-four percent of Gen Z respondents said they are postponing at least one life decision until they can afford a home — and nearly 29% reported delaying having children.

Yet more than half of aspiring first-time buyers (53%) do not expect to purchase a home until age 40 or later, suggesting further delays in household formation.

Despite market constraints, homeownership remains closely tied to the American Dream.

Fifty-six percent of Americans said owning a home best represents what the American Dream means to them personally, surpassing marriage, children, retirement, career success or earning a college degree.

Eighty-five percent said homeownership remains part of the national ideal, and 83% of non-owners expressed interest in buying someday — including 97% of Gen Z adults and 93% of Millennials.

Financial considerations play a significant role: 65% of Americans view homeownership as a smarter long-term financial decision than renting, and nearly half (48%) consider real estate a better wealth-building tool than the stock market.

Co-buying gains steam

The report also found that Americans are adjusting their strategies to cope with affordability challenges.

Eighty-four percent said they are willing to make concessions such as taking on side jobs (42%), buying smaller or less-ideal homes (35%) or moving to more affordable regions (35%).

Co-buying is also emerging as a strategy, as 36% of respondents said they’ve considered purchasing a home with family members and 33% have weighed buying with a non-romantic partner.

Nineteen percent of Gen Z and 14% of Millennials reported moving in with parents or in-laws to save for a future home.

Still, optimism remains strong, with 63% of non-homeowners saying they hope to buy a home within the next five years — including 70% of Gen Z adults and 72% of Millennials.

“When people delay major life events in pursuit of homeownership, it inevitably shapes patterns in household formation and consumer behavior,” Waugh added. “That’s why unlocking homeownership matters, and why working with a trusted, knowledgeable real estate professional can be the key to helping people successfully navigate the market and achieve that milestone with confidence.”