Homebuyers from the Future Are On Their Way
In their twenties, many members of Generation Z (Gen Z) are contemplating whether to rent or buy a property. If you're a member of this group, it's vital to remember that you can start thinking about homeownership at any age. The sooner you start planning, the sooner you'll be able to get rid of your rented apartment.
Here are a few reasons to ponder about buying a home this year as you go on your journey and plan your next move.
The Reasons Why Generation Z Wants To Own A Home
According to realtor.com research, while the majority of Gen Z hasn't yet entered the property market, a big part of them are planning to. According to the study, 72% of Gen Z would prefer to buy a home rather than rent for a long period of time. According to George Ratiu, realtor.com's Manager of Economic Research:
"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, with nearly three-quarters of those surveyed preferring to buy rather than rent long-term," says the report.
But why do so many members of Generation Z prioritize owning a home? Young homebuyers, more than any other age group, want to own their own home, according to the National Association of Realtors (NAR2017 )'s Home Buyers and Sellers Generational Trends Report, which shows that they desire to have their own space.
To top it off, owning a home gives you a lot more long-term peace of mind and security than renting. Because your monthly mortgage payment is locked in for the duration of your loan, you're also protected against continuously growing rental expenses when you buy a property (typically 15 to 30 years).
To Achieve Your Goals, Work With A Real Estate Professional
It's especially important to connect with a trusted real estate advisor as soon as possible, as you won't be the only first-time buyer in the market, whether you're just getting started on your homebuying journey, want to learn more about the process, or you're fully committed to buying your first home this year. According to a recent poll conducted by realtor.com, the majority of first-time homebuyers surveyed plan to buy in 2022. As stated in the survey:
"Despite a difficult property market in the last year, first-time house purchasers remain optimistic. Young buyers are learning as much as they can about the market and making a list of priorities for their home purchase in the hopes of achieving their goal of homeownership and providing a comfortable space for their families."
As a result, you'll most likely be up against a lot of other first-time purchasers. Working with a real estate expert to ensure you get the support you need to make an informed and confident decision is one approach to get a leg up on the competition.
You're not alone if you're thinking about what you're going to do next. Know that the advantages of owning a home over renting are never too early to explore. For further information, please contact us as soon as possible so that you can have an expert on your side to guide you through your alternatives.