“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:Nara Rakhmetova, MBA Phone: 202-491-5629 Dated: January 13th 2020 Views: 142 About Nara: My name is Nara Rakhmetova, I am a full time real estate consultant, specializing in Northern VA are...
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My name is Nara Rakhmetova, I am a full time real estate consultant, specializing in Northern VA area. I love my job and take every client's real estate needs personally. Many clients I helped in the past return to me when they again need to buy or sell, as well as send me their friends and family members. Introducing new technology into my services is very important to me. I am the only agent in the area offering Virtual Reality House Hunting service. Ask me how you can see homes for sale in Virtual Reality mode or list your home in VR mode. I take the stress out of the home buying or selling process and make the experience memorable and happy one. I do hope to get to help you as well.
"Nara was amazing to work with, she went the extra mile to make sure that we got the home we really wanted. She was very professional and patient, showing us numerous homes. She then helped us find a great loan officer (and later inspector, electrician and handyman) and was extremely responsive during the whole process. Nara is a hard worker and an overall quality person and I would not hesitate to recommend her!"