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 homebuying this year.
The Reasons Gen Z Want To Become Homeowners
While the majority of Gen Z haven’t entered the housing
market yet, a large portion plan to according to a realtor.com report. The
report found that 72% of Gen Z would rather purchase a home than rent
long-term. As George Ratiu, Manager of Economic Research for realtor.com, says:
“With nearly three-quarters of those surveyed preferring
to buy versus renting long-term, 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.”
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 (NAR), 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
Whether you’re just getting started on your homebuying
journey, you want to learn more about the process, or you’re fully committed to
buying your first home this year, it’s especially important to connect with a
trusted real estate advisor soon, as you won’t be the only first-time buyer in
the market. According to a recent survey from realtor.com, a majority of
first-time buyers surveyed are looking to purchase a home in 2022. As the
“First-time home buyers retain their optimism despite a
challenging housing market in the past year. Hoping to achieve their goal of
homeownership and provide a comfortable space for their families, young buyers
are setting out to learn what they can about the market and setting their list
of priorities for their home purchase.”
That means you’ll likely face strong competition from other
first-time buyers. 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.
If you’re planning your next move, you’re not alone. Just
know it’s never too early to consider the benefits of homeownership over
renting. To learn more, let’s connect today so you have a trusted professional
on your side to help you explore your options.
Source: Real Estate with Keeping Current Matters