Generation Z is just starting to come into adulthood, but they are already preparing for homeownership, according to a realtor.com survey. The study found that members of Gen Z, currently age 18 to 24, who are interested purchasing a home are two times more likely than earlier generations to begin saving for a home by the age of 25.
In fact, two out of five of Gen Z-ers plan to own a home by that age. Generation Z’s eagerness for homeownership coincides with previous generations. The study found that 79 percent of Generation Z respondents said they want to or already own a home, only a 3 percent difference from Generation Y’s and Generation X’s 82 percent each.
When asked about pursuing homeownership, 17 percent of Gen Z-ers responded that they were open to or interested in future purchases, while only 13 percent of millennials, and 11 percent of Gen X respondents reported interest.
The Gen Z surveyors who answered “yes” or “maybe” to purchasing a home were found to be over twice as likely, 74 percent, to start or have a plan to start saving for a home by the age of 25. “Gen Z-ers don’t just want to become homeowners; they want to do it at a younger age and we found that they’re saving or planning to save for it accordingly,” said Danielle Hale, chief economist at realtor.com.
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