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ST. LOUIS, July 9, 2024 ~ A recent survey conducted by Clever Real Estate, a St. Louis-based real estate company, has revealed that a staggering 60% of Generation Z individuals worry that they may never be able to own a home. The survey, which included nearly all adult Gen Zers (98%), highlighted the significant barriers that this generation faces when it comes to homeownership.
According to the survey, the primary obstacles cited by Gen Z include the high cost of homes, with 50% of respondents listing it as a major concern, and steep interest rates, which were cited by 31% of respondents. In fact, the survey found that 61% of non-homeowner Gen Zers have less than $10,000 saved for a home, which would only cover a 20% down payment on a property valued at less than $50,000.
When asked about their priorities and goals in life, only 18% of prospective Gen Z buyers believe they can afford to purchase a home. However, the majority (52%) anticipate their first home to cost less than $250,000. Interestingly, despite these financial challenges and concerns, 29% of Gen Zers still anticipate owning a home worth over $1 million someday.
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While owning a home is important to 92% of Gen Z individuals surveyed, an overwhelming majority (96%) prioritize other goals above homeownership. These goals include stable employment (51%), building a career (48%), and starting a family (32%).
The survey also shed light on the current state of homeownership among Gen Zers. More than three-quarters (79%) of Gen Z homeowners do not believe that the average member of their generation can afford to buy a home. Additionally, 33% received parental assistance for their down payment and 31% had to move in with their parents in order to save for their home.
The challenges faced by Gen Z homeowners do not end there. The survey found that 1 in 3 (33%) have struggled to pay their mortgage, and 1 in 8 (13%) regret that their mortgage is too expensive. As a result, it is not surprising that two-thirds (68%) of Gen Z homeowners express regrets, with 21% admitting to not having sufficient knowledge about the home-buying process and 38% relying on information from TikTok.
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The survey also highlighted the struggles faced by Gen Z renters, with a majority (52%) reporting difficulties in paying rent. Financial irresponsibility was cited as a barrier to homeownership by 18% of renters, while 35% expressed concerns about qualifying for a mortgage.
Despite these challenges and concerns, the survey found that 90% of Gen Z individuals remain optimistic about owning a home in the future. In fact, 33% expect to own a home by age 25, which is earlier than the current U.S. average age of homeownership at 35.
The full report can be accessed at https://listwithclever.com/research/gen-z-homeo.... It provides further insights into the barriers and goals of Gen Z individuals when it comes to homeownership.
According to the survey, the primary obstacles cited by Gen Z include the high cost of homes, with 50% of respondents listing it as a major concern, and steep interest rates, which were cited by 31% of respondents. In fact, the survey found that 61% of non-homeowner Gen Zers have less than $10,000 saved for a home, which would only cover a 20% down payment on a property valued at less than $50,000.
When asked about their priorities and goals in life, only 18% of prospective Gen Z buyers believe they can afford to purchase a home. However, the majority (52%) anticipate their first home to cost less than $250,000. Interestingly, despite these financial challenges and concerns, 29% of Gen Zers still anticipate owning a home worth over $1 million someday.
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While owning a home is important to 92% of Gen Z individuals surveyed, an overwhelming majority (96%) prioritize other goals above homeownership. These goals include stable employment (51%), building a career (48%), and starting a family (32%).
The survey also shed light on the current state of homeownership among Gen Zers. More than three-quarters (79%) of Gen Z homeowners do not believe that the average member of their generation can afford to buy a home. Additionally, 33% received parental assistance for their down payment and 31% had to move in with their parents in order to save for their home.
The challenges faced by Gen Z homeowners do not end there. The survey found that 1 in 3 (33%) have struggled to pay their mortgage, and 1 in 8 (13%) regret that their mortgage is too expensive. As a result, it is not surprising that two-thirds (68%) of Gen Z homeowners express regrets, with 21% admitting to not having sufficient knowledge about the home-buying process and 38% relying on information from TikTok.
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The survey also highlighted the struggles faced by Gen Z renters, with a majority (52%) reporting difficulties in paying rent. Financial irresponsibility was cited as a barrier to homeownership by 18% of renters, while 35% expressed concerns about qualifying for a mortgage.
Despite these challenges and concerns, the survey found that 90% of Gen Z individuals remain optimistic about owning a home in the future. In fact, 33% expect to own a home by age 25, which is earlier than the current U.S. average age of homeownership at 35.
The full report can be accessed at https://listwithclever.com/research/gen-z-homeo.... It provides further insights into the barriers and goals of Gen Z individuals when it comes to homeownership.
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