The oldest members of Generation Z are nearly matching Millennials in their enthusiasm to buy a home within the next five years, according to new survey data.
By 2023, 87 percent of Millennials hope to buy a home, as do 83 percent of Gen Zers born between 1995 and 1999, according to Property Shark's survey. The findings show not just when these groups want to buy, but where. About 40 percent of Millennials want to live in an urban area, as do 30 percent of Gen Z aspiring homebuyer respondents. Yet, 60 percent of Gen Zers want to move to the 'burbs when they buy their first home. Their parents, Gen Xers, are heading out to the country, as 25 percent want to live in rural areas most, CBS News reports.
Gen Z's biggest obstacle? Student loans, which hover at a record $1.5 trillion in the U.S. According to the survey, college debt was the top obstacle for both Gen Z and Gen Y. About 32 percent of Gen Z participants surveyed said college debt was their biggest hurdle, compared to 17 percent of millennials and 7 percent of Gen Xers. For all three groups, the down payment is another top obstacle, with 30 percent of Gen Zers reporting that, 35 percent of Gen Yers and 31 percent of Gen Xers.