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It’s not a great time to be a millennial trying to buy a home.

Millennials are supposed to be in their prime homebuying years right now, but instead, they’re priced out of urban markets and facing the prospect of renting forever.

“Due to the soaring housing prices in urban areas, millennials in general cannot afford to purchase a property, which has become a global phenomenon,” Chunling Li, a prominent Chinese sociologist, wrote in an October 2020 paper called “Children of the reform and opening-up: China’s new generation and new era of development,” published in the Journal of Chinese Sociology.

Housing markets all over the world are seeing some version of this crisis, but comparing the current state of the housing market in the world’s two biggest economies reveals two different breeds of crisis. While the US housing crisis is shouldered primarily by one generation, China’s potential housing crisis will be felt across multiple generations within the same family. And as China contends with the potential default of Evergrande — one of the country’s largest property developers — a housing crisis looms ever closer on the horizon.