Be on the Lookout for Gen Z: The Next Generation of Home Buyers.

This post is available in 64 languages. Just select your preference in the "Language" side-panel
Be on the Lookout for Gen Z: The Next Generation of Homebuyers | MyKCM

You’ve likely heard a ton about Millennials, but what about Gen Z? In the next 5 years, this generation will be between the ages of 23 and 28, and they’re eager to become homeowners faster than you may think.
According to realtor.com, “Nearly 80 percent of Generation Z members say they want to own a home before age 30,” and Concentrix Analytics said, “52% of prospective Gen Z buyers are already saving to buy a home.”
Wikipedia defines Generation Z (Gen Z) as “the demographic cohort after the Millennials. Demographers and researchers typically use the mid-1990s to mid-2000s as starting birth years.”
The report from Concentrix goes a little deeper on Gen Z, identifying the main reasons this cohort wants to own homes:
  • 55% want to own a home because they want to start a family
  • 47% want to build wealth over time
  • 33% want to make their family proud
Although they’re eager to buy, this generation also perceives a few challenges ahead:
  • 66% believe saving for a down payment and closing costs will be challenging
  • 58% feel covering the monthly costs of owning may be difficult
  • 52% perceive a lack of knowledge about where to start
It is also interesting to note that 21% of Gen Zers think their parents will provide financial help, 17% will use a down payment assistance program, and 15% believe other family members will help them. One of the highlights of the report mentioned,
“More than half of Gen Zers who think they’ll receive help also think they will need to pay their parents back, compared to 40 percent of millennials.”

Bottom Line

It is never too early to start saving for your own home, whether you are part of Gen Z or a different generation. If you would like to know where to start and how much you need to save to reach your goal of buying a home, let’s get together so you can better understand the process.


Guillermo "Bill" Sanjurjo Realtor®
12955 SW 42 St Suite 2, Miami, FL 33175
Cell: 786-232-1400

Comments

Post a Comment

Your comments are always welcomed and appreciated. Thank you.

Popular posts from this blog

Challenges for Miami Homebuyers

Image
Navigating the New Real Estate Landscape:  Challenges for Miami Homebuyers Miami Homebuyers Facing Obstacles The real estate market in Miami has become increasingly challenging for homebuyers. Over the past few years, housing prices have skyrocketed, while mortgage interest rates have risen to unexpected levels. Unfortunately, wages haven’t kept pace with inflation, making it more difficult for many to afford their dream home. As if these challenges weren’t enough, new rules from the National Association of Realtors (NAR) are set to change how commissions are handled in real estate transactions, adding another layer of complexity for buyers. The Impact of the NAR Settlement Rules Beginning this Saturday, real estate agents listing homes on the Multiple Listing Service (MLS), a widely used database for agents, will no longer be allowed to advertise any compensation to buyer's agents. Previously, it was common for sellers to pay commissions to real estate agents on both sides of the ...
Read more

Know your rights under mortgage payment forberance

Image
Photo by  Andrea Piacquadio  from  Pexels To combat ongoing misinformation, the Federal Housing Finance Agency (FHFA) reiterated that borrowers in forbearance with a  Fannie Mae or Freddie  Mac-backed mortgage are not required to repay the missed payments in one lump sum. According to the McDash Flash Forbearance Tracker from  Black Knight , as of April 23, 2020, more than 3.4 million homeowners, or 6.4% of all mortgages, have entered into COVID-19 mortgage forbearance plans. “During this national health emergency, no one should be worried about losing their home," said Director Mark Calabria. “No lump sum is required at the end of a borrower's forbearance plan for Enterprise-backed mortgages. To help homeowners navigate the forbearance process, FHFA partnered with CFPB on the Borrower Protection Program to provide homeowners accurate information about forbearance and address concerns noted in some consumer complaints. While today's statement only ...
Read more