Where Will You Call Home In 5 Years?
It’s the time of year when graduates hear “what’s your plan now?” from everyone in their life. And that really driven (um, pushy?) relative might even ask about your five year plan.
When it comes to generations and planning, one thing is constant — the desire to own a home is strong. But a new homebuyer survey shows that Gen Z isn’t just thinking about graduation, they are also planning to own a home in five years.
Gen Z buyers want to be homeowners before 30
According to the latest Bank of America Homebuyer Insights Report, a majority of prospective Gen Z homebuyers between the ages of 18 and 23 want to buy within the next five years, and more than half are already saving for a home. That could mean a lot of first-time homebuyers in their 20s, setting up some long term wealth building.
Top barriers to homeownership, but new perspectives
While young prospective buyers identify saving for a down payment and closing costs as the top barrier to buying, they see it as less of a challenge than other generations do. In fact, Baby Boomers ranked the down payment as a bigger challenge than Gen Z.
Is it possible our youngest generation is more knowledgeable about down payment solutions than others? keep reading