How young Americans feel about housing
How do Millennials and Gen Zers feel about buying a home? Pretty optimistic, apparently. According to a new study, the vast majority say not only is homeownership important — but it’s definitely on their agenda in the next few years.
Is buying a home important important?
According to the Generational Housing Outlook report from Porch.com, Millennials and Gen Zers value homeownership. In fact, 70 percent of Millennials and 75 percent of Gen Z members say owning a home is either “important” or “very important” to them.
What’s more? More than 80 percent say they’ll own a home in their lifetime (87 percent for Gen Zers.) Over half of Millennials say buying a house in the next 10 years is important, while about 40 percent of Gen Zers say the same.
Generation Z is serious about homeownership — and already saving up
To make it happen, many say they’ll get help from family members. Almost 43 percent of both cohorts say they expect to loved ones to assist with their down payment.
Before you make a 20% down payment, read this
Fear of the housing market
Both generations say buying a house is a good investment, though three in four Gen Zers expect another housing crisis in their lifetime and half expect one in the next 10 years. Just 42 percent of Millennials say the same.
“Gen Zers are optimistic about homeownership, but our findings indicate where their positive attitude takes a turn,” Porch.com reported. “Of the four generations, Gen Zers were the only group who ranked a savings account as a safer investment than housing.”
Half of Generation Z respondents also said they “fear” the housing market, while a third said the housing crisis made them not want to buy a home in the future.
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