Gen Z is Beginning to Make Moves in the Housing Market

It may come as a surprise, but Generation Z is already beginning to turn to homeownership. They are eager to put down their roots and achieve financial independence. According to the National Association of Realtors, their latest Home Buyers and Sellers Generational Trends Report states that 30% of Gen Z buyers transitioned straight from living under their parents roofs to owning their own homes.

Why Gen Z Want to Become Homeowners

Some of the top motivators driving Gen Z to purchase homes were identified by Rocket Mortgage:

“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.”

According to the same survey, another key reason Gen Z are becoming homeowners is that it can give them more stability (according to 20.8% of respondents). This is because buying a home stabilizes your monthly expenses by paying a mortgage rather than rent.

When you have a fixed-rate mortgage, you can lock in your monthly payment for the duration of the loan, which is often between 15 to 30 years. On the flip side, if you keep on renting, you won’t be protected from rising housing costs.

So this is among the reasons why Gen Z is starting to purchase homes on their own.

Gen Z’s Next Stop: Where Are They Buying?

If you are ready to start a new chapter in your life and to be more financially stable, then chances are that you want to purchase in an area with other Gen Zers. According to a recent survey by LendingTree, Gen Z buyers are focusing on affordable areas that can give them different opportunities.

While many Gen Z buyers want the excitement and convenience of city life, they also are seeking out areas with more parks and open areas, such as suburban areas. The Senior Economist at LendingTree, Jacob Channel, explains:

“...they want to live in a city, but they also want to be close to nature.”

Finding a home that offers both city life and being close to nature requires expertise. That is where working with a professional real estate agent comes into play. They can help you find a home in your budget and desired area. They will also know the most affordable neighborhoods to search in and can highlight the features and amenities each location has to offer and how they align with your goals.

Work with Dianne Anderson

If you are a member of Gen Z and want to get started on your homebuying journey, or if you just want to learn more about how the process works, reach out to award winning agent Dianne Anderson. She can help answer any of your questions and can find you the perfect home of your dreams.

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