Morningstar found that 83% of young adults aged 18 to 25 want to purchase a home in the next 10 years. But only 39% believe they actually can, according to Business Insider. The median age of respondents was 21. It comes as no surprise that young adults are less than optimistic, young workers experienced mass layoffs and business closures due to the pandemic. One in four workers aged 16 to 24 lost their jobs during shut-downs. The future of homeownership may not seem attainable now, but the possibility of declining home prices may relieve prospective Gen Z buyers.
Though Morningstar's survey found unemployed Gen Zers to be moderately confident about finding new work, it's no surprise their financial optimism has soured. Just a year ago, older Gen Zers were graduating into a healthy labor market.
A Bank of America report from April 2019 found that many members of Gen Z not only aspired to become homeowners before age 30, but they were already saving for it.
Fifty-nine percent of Gen Z respondents to the Bank of America survey, defined as ages 18 to 23, said they wanted to own a home within the next five years and 33% said they wanted to buy a home, but are waiting at least six years to do so. Of the prospective buyers, 52% said they were already saving money.
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