When it comes to generation-to-generation homeownership planning, the strong desire to own a home is always constant. A Bank of America Homebuyer Insights Report reveals that Gen Z isn’t just curious about graduation but they are also planning for homeownership in five years. They want to be a homeowner before 30. In fact, more than half are already saving money for home buying.
Top Barriers for Homebuyers
While young prospective homebuyers are identifying money saving for a down payment and closing costs as the top barrier, they are seeing it as less of a challenge than other generations use to do. So, is our youngest generation more knowledgeable about down payment than other generations?
Gen Z is ready to do What Homeownership Takes
Gen Z might be young, but they are willing to do what it takes to become a homeowner, including getting financial help and sacrificing things. It’s not just about the bank of their parents. They are relying upon down payment assistance as a key solution for homebuying. Also, this generation is the most likely to consider attending a university that would leave them with less student loan debt.
Are You a Young Homebuyer?
In case, you’re a young, motivated Gen Z homebuyer, you aren’t alone. You might be making your five-year plan and saving money to own a home, but what else can be done to stay prepared?
Here are some good tips to consider:
- Start taking a homeownership class.
- Connect with your state or local housing finance agency.
- Interview at least 3 to 4 lenders to find the best fit for you.
- Research more down payment programs available in your market.
- Consider house hacking as a solution to offset the cost of your mortgage and other expenses.
Keep in mind that down payment programs are available in every market. They are helpful and can save on your down payment and mortgage. Therefore, find out what might work best for your situation.
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