If desperate times call for desperate measures, it makes some sense that young Americans, who feel they are in a desperate economic situation, would resort to democratic socialism.
If you’re wondering why young people are disillusioned, consider that nearly 3 in 4 likely voters ages 18 to 39 think the cost of housing has reached a “crisis level.” Only about 2 in 10 think their economic future and personal happiness will be better than that of their parents.
Unfortunately, they are not wrong.
Since 1981, the National Association of Realtors has conducted an annual nationwide survey of homebuyers and sellers. Its most recent report, which covers purchases and sales from July 2024 to June 2025, found, “First-time home buyers in the last year shrank to a historic low of just 21% of all buyers.” Before 2008, the average share of first-time buyers typically hovered around 40%.
“At the same time … the age of first-time buyers has risen to the highest recorded. The median age of first-time buyers is now 40.” In the 1980s and early 1990s, the median age of first-time buyers was 28. Since 2020, this number has surged by seven years.
Over the past few years, and particularly since the onset of the pandemic, the median sales price of homes has absolutely skyrocketed. At the end of 2019, the median sales price was about $320,000. As of this writing, that has jumped to more than $420,000.
Young renters are also paying exorbitant prices. The Federal Reserve provides valuable information on the cost of rent, both nationwide and in specific regions. As the Fed notes, “Clearly, rents are increasing faster than prices overall.”
Are young people correct in thinking that the game is rigged against them? I believe they have a valid argument based on these metrics. However, they go wrong in their belief that democratic socialism can solve these problems.
In other words, young Americans are facing an affordability crisis, but they are misguided, at least if they think that democratic socialist policies are the answer. As history demonstrates, socialism takes hold when a significant portion of the populace loses faith in the economic system. In the United States, polls show that a substantial number of young people are at that point.
I understand why democratic socialism appeals to young people.
Read the rest at The Washington Times.
