A new study from Property Shark shows that Generation Z is more optimistic about homeownership than its Millennial predecessors.
According to Credit.com, the study, which considers Generation Z to be individuals born between 1995 and 2005, found that about four out of five Gen Zers plan on buying homes in the next five years, despite often having large amounts of student debt.
Generation Z homebuyers prioritize space, according to the survey, which found that Millennials aspire to own 1,883 square feet while Generation Z aspires to own 2,081 square feet. Generation Z buyers were willing to give up amenities such as access to a yard or a shorter commute in order to have a larger home. They are also willing to buy fixer-upper homes, and many who have already bought homes only saved for 5 years before closing.
The survey also shows that most people want to own homes. The problem is that there are several stumbling blocks. These obstacles come in the form of heavy loans, credit card debt, and hefty down payments. These obstacles keep most members of these generations locked into the rental market for much longer than they would like.