The Next Generation of Homebuyers Is Here

Many members of Generation Z (Gen Z) are aging into adulthood and deciding whether to rent or buy a home. If you find yourself in this group, it’s important to understand you’re never too young to start thinking about homeownership. The sooner you start planning, the sooner you can move on from renting. As you set off on your journey and plan your next move, here are a few reasons to think about buying a home this year.

Why Gen Z Is Looking to Buy

According to the National Association of REALTORS® Home Buyers and Sellers Generational Trends Report, millennials have been flocking to the real estate market.

“Millennial buyers 22 to 30 years (Younger Millennials) and buyers 31 to 40 years (Older Millennials) continue to make up the largest share of home buyers at 37%: Older Millennials at 23% and Younger Millennials at 14% of the share of home buyers.”

But why do so many members of Gen Z value homeownership? According to the latest Home Buyers and Sellers Generational Trends Report from the National Association of REALTORS®, young homebuyers – more than any other age group – want to become homeowners because they want to have a place of their very own.

That may be because one of the biggest benefits of homeownership is having a place that you can truly make your own by customizing it to your style and personality. Whether that’s the décor, painting, or renovations, when you own your home, you don’t have to limit yourself to what your lease and landlord will allow.

Not to mention, owning a home provides much greater long-term stability and security than renting. When you own a home, there’s also protection from steadily rising rental costs because your monthly mortgage payment is locked in for the length of your loan (typically 15 to 30 years).

Work with a Real Estate Professional To Achieve Your Goals

If you’re planning your next move, you’re not alone. With so many new buyers entering the housing market, one way to get a leg-up on that competition is to work with a real estate professional to make sure you have the support you need to make an informed and confident decision.