A study finds most young people want to own a home.
According to a recent study of Generation Z young people ages 18 to 25, buying a home remains top-of-mind even during the pandemic. The report found that 83 percent of Gen Z dream of buying a house within the next decade. However, the reality of the market and their financial situation is making things difficult for them.
The study of more than 1,000 young people revealed that although many want to buy a house, few believe it will actually happen. Only 39 percent of the respondents said they are “optimistic” about buying a home. One of the main reasons for this lack of faith is the coronavirus. As Business Insider notes, one out of every four Gen Z workers lost their jobs between February and May, as the pandemic wreaked havoc on the economy.
The bright side of the Gen Z report is that young people have time on their side. If you’re a young person who wants to buy a home, you’ll want to start the planning process now so that you can overcome as many obstacles as possible. The first step is to start saving for a down payment. As your savings increase, keep an eye on your credit score to make sure it’s as high as possible. A sky high credit score will help you secure a low mortgage rate. And remember: shop around for a mortgage, don’t just take the first offer you’re given. These are just some of the first steps toward buying a home. If you remain committed to the goal, no matter the pandemic-sized obstacles in your way, there’s a good chance you’ll own a home quite soon.
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