Young people worry homeownership is impossible, poll says

WHEATLEY HEIGHTS, N.Y. (FOX 5 NY) - Miya Jones graduated in May 2018 with a degree in journalism. While looking for full-time work, the 22-year-old has been building a website that caters to minorities, millennials and Generation Z, who like her, are hoping to one day be able to afford a home.

Many millennials feel owning a home is impossible, according to a survey conducted by OnePoll on behalf of Unison, a provider of home co-investments. Nearly half of those surveyed said they would stop using Instagram forever and one in four would go to jail for a week if it meant owning their dream home.

"I'd say around 90 percent, the majority of my friends, still live at home on Long Island," Jones said. "I feel like you'd be lucky to get a home with a one bedroom, bath and a decent-size kitchen [let] alone your dream home."

Some of the survey's other findings: nearly half of millennials believe that buying a home now is more difficult than it was 30 years ago and nearly one in three millennials feels they will actually never be able to afford a down payment.

Hofstra Dean of Suburban Studies Larry Levy said that homeownership, particularly in the suburbs, wasn't nearly as widespread until the G.I. Bill after World War II.

"Federal, state and local officials have got to take a step back and look at a number policies," Levy said. "They have to look at student loan forgiveness but they also have to look at things like things like encouraging rental units to build in areas where they want to live."

In the meantime, Jones said she realizes that buying a home somewhere other than Long Island may be more realistic for her.