Gen Z Got The Memo: Owning A Home Is Worth It

We’re pleased to present the findings from our spring 2019 Bank of America Homebuyer Insights Report, which explores the attitudes, preferences and behaviors of the modern homebuyer. For the first time, our findings shed light on the youngest generation of homebuyers, Gen Z, who are between 18 and 23 years old.

The latest iteration of the report finds that more than half of prospective Gen Z homebuyers are already saving for a home, and that they want to purchase within the next five years, meaning they would own a home before the age of 30. It is exciting to see Gen Z wanting to own a home for reasons like building their personal wealth over time and making their loved ones proud.

Despite their young age, this group recognizes that buying a home is not easy and is taking a pragmatic approach to achieve their goal. They are asking for financial help from parents and other family, but that help is not necessarily a gift, as more than half of Gen Z think they will need to pay their parents back.

Gen Zers are also prioritizing saving over frivolous spending and making sacrifices to prove that they are willing to do whatever it takes to own a home. In fact, nearly half are willing to get a second job and close to a third are willing to move in with parents or in-laws to save for their goal.

These young aspiring buyers likely got the memo about the benefits of this milestone from current homeowners, who almost unanimously agree that owning a home is worth the challenges. Current homeowners are also more satisfied with where they live, their financial well-being and life overall than those who don’t own.

At Bank of America, we’re committed to helping our clients – from Gen Zers looking to make their first home purchase to current homeowners who want to explore new opportunities – find the path that’s right for them through financial guidance, education and planning. Our goal is to help clients reach their financial goals and understand that building their personal wealth through homeownership is within reach.

4/11/2019


Open Location
Open How we're involved