Many members of Generation Z (Gen Z) are
aging into adulthood and deciding whether to rent or
buy a home. If you find yourself in this group, it's important to understand
you're never too young to start thinking about homeownership. The sooner you
start planning, the sooner you can move on from renting.
As you set off on your journey and plan
your next move, here are a few reasons to think about homebuying this year.
The Reasons Gen Z Want To Become Homeowners
While the
majority of Gen Z haven't entered the housing market yet, a large portion plan
to according to a realtor.com report. The report found that 72% of Gen Z would rather purchase a
home than rent long-term. As George Ratiu, Manager of Economic Research
for realtor.com, says:
With nearly three-quarters of those surveyed preferring to
buy versus renting long-term, the housing industry should be prepared for millions of Gen Z
buyers to bring a new wave of demand along a similar stage-of-life timeline as
the millennial generation before them.
But why do
so many members of Gen Z value homeownership? According to the latest Home Buyers and Sellers
Generational Trends Report from the National Association of Realtors (NAR),
young homebuyers – more than any other age group – want to become homeowners
because they want to have a place of their very own.
That may be
because one of the biggest benefits of homeownership is having a place that you can truly make
your own by customizing it to your style and personality. Whether that's
the décor,
painting, or renovations, when
you own your home, you don't have to limit yourself to what your lease and
landlord will allow.
Not to
mention, owning a home provides much greater long-term stability and security
than renting. When you own a home, there's also protection from steadily
rising rental costs because your monthly mortgage payment is locked in for the
length of your loan (typically 15 to 30 years).
Work with a Real Estate Professional To Achieve Your Goals
Whether you're just getting started on your homebuying journey, you
want to learn more about the process, or you're fully committed to buying your
first home this year, it's especially important to connect with a trusted real
estate advisor soon, as you won't be the only first-time buyer in the market.
According to a recent survey from realtor.com, a majority
of first-time buyers surveyed are looking to purchase a home in 2022. As
the survey notes:
First-time home buyers retain their optimism
despite a challenging housing market in the past year. Hoping to achieve their
goal of homeownership and provide a comfortable space for their families, young
buyers are setting out to learn what they can about
the market and setting their list of priorities for their home purchase.
That means you'll likely face strong competition from other
first-time buyers. One way to get a leg-up on that competition is to work
with a real estate professional to make sure you have the
support you need to make an informed and confident decision.
Final Thought
If you're planning your next move, you're not alone. Just know it's
never too early to consider the benefits of homeownership over renting. To
learn more, let's connect today so you have a trusted professional on your side
to help you explore your options. Contact me at (904) 274-1692 to get started.
