Did you know that Gen Z, those born between the late 1990s and early 2010s, are super motivated to establish themselves and become financially independent? Well, it turns out they're not wasting any time when it comes to homeownership. I came across this cool report from the National Association of Realtors (NAR) which says that a whopping 30% of Gen Z buyers are going straight from living with their parents to owning their own homes. Pretty impressive, right? These young folks are all about putting down roots and taking charge of their financial future.

So, if you happen to be part of this generation and you've got this burning desire to own a home of your own, I've got some valuable insights for you on why and where your fellow mates are snatching up their dream homes. Trust me, it'll be really helpful!

The Reasons Gen Z Want To Become Homeowners

Rocket Mortgage just did this cool survey, and they found out what really gets Gen Z folks pumped to buy a house.

““Of those surveyed, 34% said that starting or growing their family was their main motivation to buy a home. . . . Along with growing a family comes establishing a home base.””

— Rocket Mortgage

According to the survey, one big reason why Gen Z wants to buy a home is for more stability (20.8%). It makes sense if you think about it - when you own a home, you can finally have control over your largest monthly expense: your housing cost. No more worrying about rent increases or instability in your living situation. You can settle down and feel secure in your own place.

If you've got yourself a fixed-rate mortgage on your humble abode, you can kinda sorta guarantee that your monthly payment will stay the same for the entire duration of your loan. Usually, it's like 15 to 30 years, give or take. But if you decide to play it safe and keep on renting, you're not gonna get that sweet deal. Nope, you won't have that same protection from the never-ending rise of housing costs. Trust me, it's a bummer.

Are you ready to begin a new phase in your life? Or maybe you're looking for more stability? Well, guess what? You're not alone! Many people in your age group are feeling the same and that's why they're considering homeownership.

Gen Z's Next Stop: Where Are They Making Their Moves?

If you're thinking about buying a home and these reasons have got you eager to take the plunge, I've got some interesting info for you. Lending Tree did a survey and found that Gen Z buyers are gravitating towards more affordable areas. They're doing this to maximize their buying power and counteract the current mortgage rate challenges. So, knowing where your peers are finding their homes could assist you in your search.

So, there's this interesting thing about many of the younger folks, the Gen Z buyers, right? They still totally dig the whole city life, you know, with all the convenience and excitement that comes with it. But at the same time, they're also really into the idea of living in more suburban areas, with that extra space and open air. And here's where it gets really cool – the affordability factor? Yeah, that's a big deal to them too. Jacob Channel, who's like this really smart Senior Economist over at LendingTree, he breaks it down for us.

““. . . they want to live in a city, but they also want to be close to nature.””

— Jacob Channel, Senior Economist at LendingTree

Finding a home that has everything you're looking for can be tough. Luckily, if you work with a reliable real estate pro, they can make the process easier. Your agent will have the inside scoop on budget-friendly neighborhoods to check out. They'll also be able to point out the awesome amenities and features in that area that match what you want. Plus, they can show you how remote work can expand your search options.

Bottom Line

Hey there, if you're part of Gen Z and you're thinking about buying your first home, or even if you just want to know more about how it all works, we should chat. I can be your personal guide in finding a home that suits your lifestyle and your wallet. Let's connect and make your homebuying journey a breeze!