“The dream of homeownership is alive and well within “Generation Z,” the demographic cohort following Millennials.
Our survey…finds that Gen Z views homeownership as an important goal. They estimate that they will attain this goal by the time they turn 30 years old, three years younger than the current median homebuying age (33).”
If these aspiring homeowners purchase at an early age, the Urban Institute study shows the impact it can have.
Based on this data, those who purchased their first homes when they were younger than 25 had an average of $10,000 left on their mortgage at age 60. The 50% of buyers who purchased in their mid-20s and early-30s had close to $50,000 left, but traditionally purchased more expensive homes.Although the vast majority of Gen Zers want to own a home and are somewhat confident in their future, “In terms of financial awareness, 65% of Gen Z respondents report that they are not confident in their knowledge of the mortgage process.”
As the numbers show, you’re not alone. If you want to buy this year but you’re not sure where to start the process, let’s get together to help you understand the best steps to take from here.
Author:Douglas Smith Dated: May 13th 2020 Views: 0 About Douglas: Hi, I'm Douglas Smith, and I am a full-time/full-service REALTOR® at DouglasSmithTeam.com in Dallas...
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"***** Highly likely to recommend 05/16/2017 Can't say enough about this guy everything was stellar I was a bit nervous so am I home before moving into another one but he ease the process and made me feel more at ease I found them in the newspaper 12 years ago when I bought my first home that's right newspaper kept his phone number for 10 years decided I wanted to move ask him if he was still in the business they promised me to have my house sold in three weeks or less and he did that he sold it so fast he had a put me in a Hotel all in all this guys very aggressive for the buyer he even save me an extra $10,000 on my house he was not going to tell me until closing I wouldn't consider using anyone else matter fact soon as I get my truck paid I'm gonna buy a Lakehouse and he will be my realtor thank you Doug you're awesome and the guys at Mid-America mortgage is awesome as well he is very well connected and gets everything accomplished good luck!"