New survey data takes a closer look at Gen Z's homebuying aspirations, finding that more than half of this age cohort is saving up to buy a home by 2024.
The Bank of America report classifies Gen Zers as those aged between 18 and 23 years. About 59 percent of Gen Z survey respondents say they want to own a home within the next five years, and 33 percent say they are waiting at least six years to buy a home. Fifty-two percent of these future buyers are already saving money toward their home's purchase, and Business Insider reports that their top drivers for buying are to make their family proud (33 percent), wealth-building (47 percent), and to start a family (59 percent).
But Gen Zers are aware their biggest challenges to becoming a homeowner are financial, according to the Bank of America survey — namely, saving money for a down payment and closing costs and having enough to cover monthly homeownership expenses.
The survey also revealed that some Gen Zers are so determined to own a home that given a hypothetical $5,000, they'd more likely put the money toward a down payment savings fund than spend it on a dream wedding, shopping spree, or vacation. They'd also be willing to get a second job or choose to attend a college that would leave them with less debt.