A majority of voters under the age of 30 say it’s harder to buy a home, raise a family and get a good job than it was for previous generations, according to a new poll.
In one survey, CBS News announced on SundayEighty-two percent of registered voters believe it is harder to buy a home than previous generations, and 76 percent feel the same about raising a family.
This comes as Federal Reserve interest rates remain at their highest in 23 years and home buying remains difficult for many Americans.
Inflation has fallen sharply from a peak of 9% two years ago and appears to have plateaued in recent months. That’s good news, but the Fed noted this month that the economy is still thriving, the labor market is still strong and price growth is still too rapid to start cutting interest rates.
Mortgage rates have continued to rise this spring, hitting above 7% last month for the first time this year.
Despite the recent strong jobs report, about 70% of respondents in the poll said it’s harder to get a good job than it used to be. The May jobs report showed payrolls increased by 272,000 and wage growth rose slightly after three months of declines.
Pollsters said these challenges were compounded by a majority of voters under 30 who believe older generations will leave them with a worse environment, fewer opportunities and a more dangerous world.
While an overwhelming majority of young voters are concerned about the current state of the world, most voters under 30 (62%) remain optimistic about achieving the “American Dream,” with 32% saying it will never be attainable and 6% saying they have already achieved it.
The CBS News/YouGov poll was conducted June 17-24 among 2,460 adults, including an over-sample of 743 adults ages 18-29. The margin of error for the full sample is 2.8 percentage points, and the margin of error for the over-sample is 5.2 percentage points.
