NEW YORK (AP) 鈥� Ever since graduating from high school, Tyler Jones hasn鈥檛 stopped working and doesn鈥檛 have any debt. Still, homeownership feels like an unattainable goal, only possible for past generations.
鈥淓very time I get a paycheck, it鈥檚 all already spoken for,鈥� said Jones, a 21-year-old who works at a deli and a nonprofit in Springfield, Massachusetts. is one of Jones鈥� dreams, and his inability to save for it frustrates him.
Currently, 65% of working-age renters can鈥檛 cover their monthly expenses after paying for housing, according to an analysis from Harvard鈥檚 Joint Center for Housing Studies. Nearly half of all renters were cost-burdened by rent in 2024, that means they spent more than a third of their income on housing and utilities, which is based on data from the most recent census.
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EDITORS鈥� NOTE: The Money Happens series explores challenges and anxieties around money and offers helpful tips for dealing with them. Each episode features a case of an individual experiencing a challenging financial problem, whether it鈥檚 student loan or credit card debt, and an expert who can help provide strategies for working through these issues. You can listen to .
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Anxiety about the possibility of never being able to own a house can make some people give up on organizing their finances altogether, said John Hankins, a certified financial therapist.
Sometimes “anxiety becomes kind of a self-perpetuating cycle,鈥� he said.
If you hope to buy a house in the future but don鈥檛 know where to start, here are some expert tips for you:
1. Feel comfortable facing your finances
Getting is the first step towards planning and achieving a financial goal. If you鈥檙e looking to buy a home in the future but that goal feels unattainable, start by figuring out how much money you鈥檙e bringing in, how much you鈥檙e spending, and where you can cut back to start saving.
For Jones, the anxiety of possibly being evicted from his current apartment because he lives paycheck to paycheck has been a barrier to making future plans for homeownership.
鈥淚鈥檇 want to come back to this anxiety, this sadness that stopping him from getting his arms around his finances,鈥� Hankins said.
Don鈥檛 let your anxieties stop you from facing your finances. The longer you avoid solving a financial worry, the longer it will take to solve it down the road.
2. Avoid debt if you can, but build a credit history
After watching his parents get into large amounts of debt and have to deal with the consequences, Jones has avoided any type of debt, including student loans and credit cards. But he needs to to buy a home in the future.
Learning to find a middle ground between building credit and falling into credit card debt is key, Hankins said.
鈥淥nce you have a credit card, it鈥檚 a dangerous thing,” he said. “So let鈥檚 be really understanding how you鈥檙e going to manage this so that it doesn鈥檛 get out of control.”
3. Don鈥檛 compare yourself to others
Jones often compares his journey to his parents’. They became homeowners in their mid-twenties while working in the restaurant industry. But that type of comparison isn’t helpful, Hankins said.
鈥淚t鈥檚 not a reflection on you that you haven鈥檛 been able to achieve what your parents achieved,” Hankins said. 鈥淭hey were operating under a whole different set of rules.”
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