Gen Z: The Next generation is making moves in the housing market
Generation Z (Gen Z), is eager to establish their own roots, and achieve financial independence. They are turning to homeownership as a result. According to a recent survey by Rocket Mortgage, Gen Z buyers are motivated to buy homes for a variety of reasons. . . The survey found that Gen Z is more likely to want to buy a home because it can provide them with greater stability (20.8%). You can stabilize your monthly housing costs by buying a house. If you have a fixed rate mortgage, you can lock your payment in for the life of your loan. This is usually 15 to 30 years. If these reasons have you ready to buy, this information about where your peers find their homes could help you in your search. According to a Lending Tree survey, Gen Z is looking for more affordable areas in order to boost their purchasing power and offset challenges associated with today’s mortgage rate. Jacob Channel, Senior economist at LendingTree explains: . . They want to live in the city, but also be close to nature. Finding a home which offers both is a difficult task. A trusted real estate agent can help you find the right home for your budget and location. Your agent will be able to tell you the best neighborhoods for your budget. They can also highlight what amenities and features a location offers, and how they align with your goals. They can also show you how remote work, for example, can help you to broaden your search. Bottom LineIf Gen Z is your demographic and you are just starting out on your homebuying journey or you want to know more about the process, you should connect with a trusted agent. Their expertise will help you find a home that suits your lifestyle and budget.
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