96% of Gen Zers have concerns about buying a home, with
54% worrying they won't be able to afford it and 48% fearing hidden
costs.
ST.
LOUIS, July 9, 2024 /PRNewswire/ -- 60% of
Gen Z worry they might never own a home, with nearly all adult Gen
Zers (98%) citing significant barriers to homeownership, according
to a new survey from Clever Real Estate, a St. Louis-based real estate company.
The primary obstacles cited by Gen Z include the high cost of
homes (50%) and steep interest rates (31%). Currently, 61% of Gen Z
non-homeowners have less than $10,000
saved for a home, which would only cover a 20% down payment on a
property valued at less than $50,000.
Only 18% of prospective Gen Z buyers believe they can afford a
home. A majority of Gen Z (52%) anticipate their first home to cost
less than $250,000. Nonetheless, 29%
anticipate someday owning a home worth over $1 million.
Although 92% of Gen Z say owning a home is important, a whopping
96% prioritize other goals above homeownership, such as stable
employment (51%), building a career (48%), and starting a family
(32%).
More than three-quarters (79%) of Gen Z homeowners don't think
the average member of their generation could afford a home.
Further, 33% received parental assistance for their down payment,
and 31% moved in with their parents to save for their home.
The survey also found that 1 in 3 Gen Z homeowners (33%) have
struggled to pay their mortgage, and 1 in 8 (13%) regret that their
mortgage is too expensive.
Unsurprisingly, two-thirds (68%) of Gen Z homeowners express
regrets, with 21% saying they didn't have sufficient knowledge
about the home-buying process — and 38% admitting to obtaining
home-buying information from TikTok.
Among Gen Z renters, a majority (52%) have struggled to pay
rent. Nearly 1 in 5 (18%) cite financial irresponsibility as a
barrier to homeownership, and 35% are concerned about qualifying
for a mortgage.
Despite these challenges and concerns, 90% of Gen Z remain
optimistic, believing they will purchase a home before the current
U.S. average age of 35, with 33% expecting to own a home by age
25.
Read the full report at:
https://listwithclever.com/research/gen-z-homeownership/
About Clever Real Estate
Clever Real Estate is a technology company that produces
educational real estate content reaching over 10 million readers
annually, and its nationwide agent matching service has a 5.0-star
Trustpilot rating across 2,300+ customer reviews. Since launching
in 2017, Clever has reached $8.5
billion in real estate sold, matched 100,000+ customers with
realtors, and saved consumers over $160
million on commission fees. Clever's network spans 19,000
agents across all 50 states.
Please contact Nicole Lehman at
380084@email4pr.com with any questions or to arrange an
interview.
CONTACT:
Nicole Lehman
Clever Real Estate
380084@email4pr.com
724-719-0406
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SOURCE Clever Real Estate