As anyone who is a millennial or younger knows, it feels damn near impossible to buy a house right now. Millennials graduated into the Great Recession, then watched as home prices vastly outpaced wage increases over the next 15+ years. The pandemic brought historically low interest rates, but those came with skyrocketing prices. Then, the hangover from the pandemic brought inflation, which the Fed has attempted to tame with high interest rates, putting monthly payments out of reach for today’s younger adults.And all that is to say nothing of the massive student debt that many of our generation have taken on. Sometimes, it makes you wonder just how the heck anyone can afford a home right now. So, we asked millennial and Gen Z homeowners how they managed to afford theirs. MoMo Productions / Getty ImagesGenerally, the responses fell into five major categories:AdvertisementAdvertisementAdvertisementAdvertisementFirst, there were the ones who had a death in the family that allowed them to buy: NBC1.”My dad died when I was in my senior year of college. I got enough in inheritance that I paid off my student loans and put the rest into a down payment and furnishings for a townhouse. No way I would’ve ever been able to afford a home otherwise.”—Anonymous2.”There’s not much to it: My parents passed away and left my sister and me our childhood home. The mortgage was paid off already, so we just have to pay taxes. Unless something drastic happens, we’re living here forever.”—betherick853.AdvertisementAdvertisementAdvertisementAdvertisement”Inheritance from my grandma. Still had to cosign with my Boomer parents because even with full-time, long-standing jobs, my husband and I couldn’t qualify for a decent rate.”More in Business—Anonymous, CanadaThen there were the ones who had to work multiple jobs (sometimes multiple full-time jobs), budget very strictly, and be generally miserable (mind you, this was not the average experience for Boomers): Adult Swim4.”Working 16-hour shifts at my job, whether I wanted to work or not. If I was offered the shift, I took it. No extras. Stopped buying clothing unless absolutely necessary, used price match apps at the grocery store to get the best price possible. Meal prepped for my lunches. Limited eating out and instead invited friends over for food. Stopped drinking. Spent more time outside and enjoying nature when not working. Cancelled cable and only had internet, Netflix, an …
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