You’ve likely heard a ton about Millennials, but what about Gen Z? In the next five 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 percent want to own a home because they want to start a family
  • 47 percent want to build wealth over time
  • 33 percent want to make their family proud

Although they’re eager to buy, this generation also perceives a few challenges ahead:

  • 66 percent believe saving for a down payment and closing costs will be challenging
  • 58 percent feel covering the monthly costs of owning may be difficult
  • 52 percent perceive a lack of knowledge about where to start

It is also interesting to note that 21 percent of Gen Zers think their parents will provide financial help, 17 percent will use a down payment assistance program, and 15 percent 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, a Staten Island real estate professional can help you better understand the process.

The information contained, and the opinions expressed in articles, videos, or infographics posted or shared by the Staten Island Board of Realtors® (SIBOR) are not intended to be construed as investment advice. SIBOR does not guarantee or warrant the accuracy or completeness of the information or opinions contained herein. Nothing herein should be construed as investment advice. You should always conduct your own research and due diligence and obtain professional advice before making any investment decision. SIBOR will not be liable for any loss or damage caused by your reliance on the information or opinions contained herein.