Millennials, while still a very prominent group in home buying, are starting to see competition from Gen Z.
Gen Z – in this survey, those born after 1995 – are taking out more credit and are more actively pursuing homeownership than previous generations.
More than half of Gen Zers aged between 18 to 23 claim to already be saving for a home, with 59% planning to buy a home within the next five years. For those of you doing the math, that’s a goal of homeownership before reaching the age of 30.
One major difference between Gen Z and Millennials – their reasons for wanting to purchase a home. 59% of Gen Zers want a home to start a family, but only 41% of Millennials felt the same. The biggest reason Millennials purchase homes was to help build wealth over time.
Gen Zers also feel more willing to ask family members for assistance in their journey to purchase a home. 21% of those in Generation Z plan to ask for their parents help, while only 14% of Millennials planned to do so.
While it’s still early for this generational group to jump into the housing market, it looks like they’ll make a big splash once they eventually start buying.
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