Gas prices around the country have been steadily increasing and the probability of $5.00 per gallon is a real possibility. Is it a big deal? Some people think so.
According to HUD, people still want to buy homes, particularly the “Y Generation” (those ages 18 to 35). But this group has seen the most precipitous drop in home ownership.
First, these people often enter the work force at a lower pay scale, and this may lead them to believe that higher gas prices will make home ownership prohibitive. Second, they may not look for homes farther away from their jobs (like the suburbs) where they may find lower purchase prices, and third the higher cost of gas may make it too difficult to save up for the down payment and closing costs.
