VIDEO TRANSCRIPT: Path to Homeownership
Ciara Zanoni: I thought that just yeah, by the time I was like in my mid-20s, I’d be a homeowner and I’m not.
Trinity Corbett: And that has been the reality for many young renters in Syracuse, like Ciara Zanoni.
Zanoni: Yeah, I think that like having to pay rent every month where I’m just like, you know, not building equity and anything like that sort of feels like I’m kind of throwing money away. But like, of course, it’s a place to live.
Corbett: Rising home prices and high rent costs are making it harder to save and even harder to buy.
Zanoni: When you’re young and they tell you, like, go to school, get a good education, get a good job, like, you think that you’d be able to buy a house. But it doesn’t really help me save up toward buying a house because the cost of rent is pretty expensive.
Corbett: For many young renters in Syracuse, the path to homeownership feels further away than ever. But while some see it as impossible, others see it as a possibility with enough time, research, and sacrifice.
Gabriel Amaya: Each month, I would go and put aside like as much as I could.
Corbett: Gabriel Amaya bought his first home just three years ago. Despite the satisfaction of a new home, it didn’t come without challenges.
Amaya: About like a month or so in, there was a leak on the front porch from the roof.
Corbett: Amaya was lucky enough to purchase his home before it hit the market, but that was the easy part.
Amaya: It is definitely difficult…like I said, for myself, I was also very fortunate.
Corbett: Onondaga County officials say they’re working to make homeownership more accessible through programs aimed at first-time buyers. Offering newly built or renovated homes at below market prices to those who meet the income requirements and qualify for a mortgage. As the housing market keeps changing, the journey to owning a home may continue to look different for everyone. In Syracuse, Trinity Corbett, NCC News.
SYRACUSE, N.Y. (NCC News) — For many young adults, owning a home was once seen as a natural next step, but as the U.S. continues to experience economic changes like inflation and population growth, that expectation may seem out of reach.
In a 2021 Pew Research survey, 70% of Americans said young adults today have a harder time buying a home than their parents’ generation did. The U.S. Treasury reports that there are several reasons finding a place to live is more difficult for young adults today, including increased housing prices, demand, and even construction cost.
Young residents in Syracuse are even experiencing the effects of an ever-changing market. At 26, Ciara Zanoni says she expected her living situation to look different by now.
“I thought that by the time I was in my mid-20s, I’d be a homeowner and I’m not,” Zanoni said.
Like many renters, Zanoni says rising housing costs and everyday expenses have made it difficult to save. After about five years of renting, she says the financial strain is hard to ignore.
“Having to pay rent every month where I’m not building equity… it sort of feels like I’m throwing money away,” she said.
Zanoni, who works full-time, says she expected that following a traditional path of earning a degree and securing a stable job would lead to homeownership. Instead, she’s still renting with roommates to afford costs.
“The price of just a one-bedroom apartment is insane,” she said, adding that high rent makes it difficult to put money aside toward a future home.
According to Apartments.com, the average cost of a one-bedroom apartment in Syracuse, NY can range from $1,250 – $1,300 per month.
Still, not everyone sees homeownership as out of reach.
Gabriel Amaya purchased his first home almost three years ago, but says the process required planning and, at times, sacrifice.
“Each month I would go and put aside as much as I could,” Amaya said.
Amaya said he benefited from a first-time homebuyer program offered that allowed him to purchase with no down payment, significantly lowering upfront costs. Despite his advantage, the process still came with challenges. Just a month after moving in, he discovered a roof leak that ultimately cost thousands to repair.
“It is definitely difficult… but for myself, I was also very fortunate,” he said.
Amaya says that while buying a home is possible, it often requires sacrifices. He delayed travel plans, kept an older car, and focused on saving as much as possible to make it happen.
“There are definitely programs that people are not aware of out there that can make it easier,” he added.
Local officials say they’re working to expand those opportunities. Onondaga County’s Community Development Division offers a homeownership program aimed at first-time buyers, providing newly built or renovated homes at a subsidized price. To qualify, applicants must meet income requirements and secure a mortgage.
However, for renters like Zanoni, the path forward remains uncertain. She believes lowering rent costs could make a difference, allowing young people to save more and eventually enter the housing market.