Generation Z: Want to own a home by 30? Here’s how much you need to save a month

February 7, 2019 - 2 min read

Gen Z needs to start saving now

If members of Generation Z want to own a home, they need to start saving today. According to new data, Gen Zers need to save more than $300 a month to buy a house by age 30.

Start saving up

According to new data from, Generation Zers need to save $304 a month — starting now — if they want to buy a home by the time they’re 30.

That would cover a 10 percent down payment plus closing costs on a median-priced house, which projects will clock in at just over $386K. (That’s in 2031 when the youngest members of Gen Z turn 30.)

If Gen Zers are willing to settle in the Midwest or South, they can get away with saving even less. In Youngstown, Ohio, saving just $108 per month can put a home purchase within reach. In McAllen, Texas, it takes just $111, and in Toledo, Ohio, $141.

Significantly more savings

If Gen Zers want to live in costlier metros, they’ll have to save up a lot more. Buying a home in San Jose, California, for example, will require saving $1,962 each month, while San Francisco means $1,439 a month. Other cities that require super-savings include Los Angeles, Honolulu and Oxnard, California.

Where not to buy a home: The nation’s most expensive housing markets

Still, it’s not impossible to buy in these cities — and low-down payment mortgages can help, too.

“Choosing to live in one of the U.S.’s larger and more expensive metros, especially on the West Coast, is going to make homeownership a difficult task, but that doesn’t mean that Gen Z should give up on their dreams,” said Danielle Hale, chief economist for “The most important thing they can do is start saving as much as possible early on and let compound interest do the heavy lifting for them. They may also want to consider more affordable areas or different down payment amounts.”

6 low or no down payment options for 2019

Get today’s mortgage rates

Have the cash to buy a home now? Then shop around and see what mortgage rates you qualify for today.

Aly J. Yale
Authored By: Aly J. Yale

The Mortgage Reports contributor

Aly J. Yale is a mortgage and real estate writer based in Houston who has contributed to Forbes and worked for organizations such as <em>The Dallas Morning News</em>, PBS, NBC, and Radio Disney.