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®.