50% of Gen Zers Are Looking to Buy a Home
Close to 50% of Gen Zers (particularly those between the ages of 18 and 25) are looking to buy a home within the next five years, according to Realtor.com. However, since many Gen Zers are either still in college or just starting their careers, job stability is their No. 1 barrier to purchasing a home. Gen Zers between the ages of 18 and 25, in particular, are beginning to plan for the future and homeownership is a top priority. Many are optimistic despite having gone through the COVID-19 pandemic, with 64% saying their COVID experience has not impacted their homeownership plans. In fact, more than 25% feel even more strongly about buying a home as a result of the pandemic. Clearly Gen Zers value homeownership. However, the oldest members of this generation are just entering the professional stage of life and are not yet in a financial position to make big down payments as first-time buyers, especially given the current housing market, which is challenging even for older, more experienced generations who have had many more years to save for a down payment. Nearly 75% of Gen Zers prefer to buy rather than rent long-term, which means that millions of Gen Z buyers may bring a new wave of demand along a similar stage-of-life timeline as the millennial generation did before them. And considering that this generation is the first to exist solely when the internet and technology were widely available, their housing search and demands may be substantially different than previous generations, with technology playing a big part of their home and work lives.
Real Estate transactions are fraught with challenges today. Being prepared is the best defense. My expertise can help you prepare for such challenges. For more information contact me at (203) 544-9945 or beth@eedwardslaw.com.
Source: Sam LaRosa, III, Mortgage Loan Officer, Savings Bank of Danbury
