In another bleak snapshot of the U.S. housing market, 40% of millennials aspiring to become homeowners say they’re “desperate” to buy a home in 2026, though a whopping 97% report at least one barrier to homeownership.

That’s according to a survey from the real estate platform Clever Offers conducted between Oct. 9 and Nov. 1. Seventy-five percent of millennials polled said they view homeownership as being out of reach for a typical person of their generation, which is often defined as those born between 1981 and 1996.

The biggest barrier to homeownership, according to 46% of survey respondents, is that homes are simply too expensive. Another 40% of respondents said mortgage rates are too high, while 34% said saving for a downpayment was holding them back.

Just 19% of those polled cited a lack of homes that fit their buying criteria, and just 14% said there are a lack of homes in their desired location, underscoring the affordability constraints sidelining millennial homebuyers.

The median sales price of homes sold in the U.S. during the second quarter of 2025 was $410,800, according to Federal Reserve Bank of St. Louis data. But 67% of prospective first-time homebuyers polled by Clever Offers said they plan to spend less than $400,000 on a home purchase, suggesting a scramble over limited affordable inventory.

Around 55% of millennials said they would be willing to settle for a fixer-upper, while 51% would purchase a house with pest issues and 50% would still buy a home containing asbestos.

The general rule of thumb is that households should spend no more than 30% of their gross monthly income on mortgage payments. But 44% of millennials — including 50% of first-time buyers — told the Clever survey takers that they would spend more than half of their monthly income to attain the American dream of homeownership.