Gen Z Is Saving Early To Become Homeowners
Generation Z is ambitious about homeownership, and it shows through their savings habits.
According to a new survey conducted by realtor.com®, Gen Z-ers (ages 18 to 24) interested in homeownership are two times more likely than previous generations to be saving or plan to be saving for a home by age 25 with two of five Gen Z-ers aiming to become homeowners by that age.
Gen Z-ers don’t just want to become homeowners; they want to do it at a younger age and we found that they’re saving or planning to save for it accordingly,” said Danielle Hale, chief economist at realtor.com®.
The survey was conducted in conjunction with Harris Interactive, which included responses from 3,372 Americans across Generation X (ages 35 – 50), millennials/Generation Y (ages 25 – 34) and Generation Z, to better understand the generational differences in relation to homeownership and aspirations.
Each of the groups were asked why they did/do want to become a homeowners.*
| Answers: | Gen Z | Millennials | Gen X |
| I want to customize my space | 61% | 54% | 47% |
| It’s how I want to raise my family | 55% | 55% | 46% |
| Financially able to afford a home | 37% | 43% | 39% |
| Real estate is a good investment | 29% | 38% | 39% |
| I want to live the American Dream | 29% | 37% | 35% |
| Want to put down roots in a particular community | 27% | 34% | 32% |
| There are tax benefits to homeownership | 16% | 23% | 29% |
* Asked only of those who answered “yes” or “maybe” to desiring homeownership
Read more: Zealous Gen Z: Saving Early To Be Homeowners By Age 25, from realtor.com®.
Be An Informed Homeowner
Learn more about the Coronavirus Aid, Relief, & Economic Security Act, which includes several programs designed specifically for homeowners who may need help paying their mortgage or other bills.
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