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Millennials and Gen Z Are Jumping on This Hot Real Estate Trend to Afford Homeownership The hack is helping many first-time buyers enter the market.

By Amanda Breen

Key Takeaways

  • The housing market is the least affordable since 1984, with average 30-year mortgage rates reaching 7.66% this month.
  • More than 50% of millennial and Gen Z home buyers value the ability to rent all or part of their properties for additional income.

We're currently in the least affordable housing market since 1984 — and it's only getting worse, CNN reported earlier this month.

The average rate on 30-year fixed mortgages hit 7.66% earlier this month, though it's since fallen back farther from the 8% mark, according to Bankrate's weekly national survey of large lenders.

Related: 3 Trends Driving the Millennial Own vs. Rent Debate