Survey says home buying is so hard that it's making Millennials, Gen Z cry

The home buying process has become so daunting that it's making young Americans cry, Insider has reported.

What are the details?

A new survey from Zillow reported that Millennials and Gen Z are so stressed out about the challenges that crop up during the home buying process that they're reporting they have shed copious amounts of tears during the endeavor.

Insider reported that 65% of Gen Z respondents and 61% of Millennial respondents "reported crying while trying to buy a home."

According to a release from PR Newswire, the tears make sense.

"In today's low-inventory market, homes are receiving multiple offers and oftentimes selling for over list price; 60% of sellers report getting at least two offers on their home, and nearly half of all homes sold in the U.S. in April 2022 went for over the asking price, up from 37% a year ago," the release explained.

Zillow home trends expert Amanda Pendleton explained the phenomenon.

"Buying a home is not like buying any other asset; it's deeply personal and it's emotional," Pendleton said. "When you make an offer on a home, you have likely envisioned your life there. If you lose out on that home to a stronger offer, it can feel like losing a future you have already started planning."

The release noted that there are approximately 23% fewer homes on the market when compared to the same period last year, which "increases competition and leads many buyers to feel the need to waive crucial contingencies in order to stand out."

As such, the survey explained that at least 40% of home buyers waived such contingencies — such as inspections — on offers.

Zillow advises that new buyers should acquire their all-important financing — if not paying in cash — before even bothering to browse listings, and then suggests hiring a licensed real estate agent to continue the process.