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 It provides further insights into the barriers and goals of Gen Z individuals when it comes to homeownership.
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