Lisa Mailhot | August 28, 2023
Generation Z (Gen Z) is enthusiastic about establishing their own roots and achieving financial freedom. As a result, they're turning towards the idea of homeownership. According to the most recent report on Generational Trends in Home Buyers and Sellers by the National Association of Realtors (NAR), 30% of Gen Z buyers are making a direct transition from living with their parents to owning their own homes.
For those belonging to this generation and aiming to pursue their homeownership dreams, here's some valuable insight on why and where your peers are choosing to invest.
Rocket Mortgage's recent survey has pinpointed the top driving factors pushing Gen Z buyers to invest in their own homes:
“Of those surveyed, 34% said that starting or growing their family was their main motivation to buy a home. . . . Along with growing a family comes establishing a home base.”
With a fixed-rate mortgage, you can lock in your monthly payment throughout your loan's term, which typically ranges from 15 to 30 years. In contrast, renting doesn't provide the same safeguard against rising housing costs.
So, if you're ready to embark on a new life phase or seek more stability, rest assured that your peers share these sentiments, and these very motivations are driving them towards homeownership.
If these reasons resonate with you and have you considering a purchase, here's some insight into where your fellow Gen Z members are discovering their homes. A recent survey by LendingTree reveals that Gen Z buyers are setting their sights on more affordable regions to enhance their buying potential and offset the challenges posed by current mortgage rates.
While many Gen Z buyers are still drawn to the allure of city life, they're also valuing the affordability, open spaces, and tranquility offered by suburban areas. Jacob Channel, Senior Economist at LendingTree, explains:
“. . . they want to live in a city, but they also want to be close to nature.”
Finding a home that encompasses both these aspects necessitates specialized knowledge. Collaborating with a dependable real estate professional can guide you in discovering a home that aligns with your budget and desired location. Your agent will be well-versed in identifying budget-friendly neighborhoods. They can also spotlight the amenities and characteristics of the area in relation to your goals. Moreover, they can provide insights into how factors like remote work can expand the scope of your search.
If you're a part of Generation Z and are embarking on your journey towards homeownership, or if you're interested in understanding the process better, let's connect. This way, you'll have a trusted partner to help you find a home that perfectly suits your lifestyle and financial means.
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