Gen Z and Millennials Want to Buy Homes, But What's Holding Them Back?

A recent survey found that almost two-thirds of Gen Z and Millennials are ready to buy a home. Despite this, many face challenges like saving for a down payment, high interest rates, and qualifying for a mortgage due to credit and income issues.

Key Findings:

• Interest in Homeownership: 63% of Gen Z and Millennials are eager to own a home, but concerns like upfront costs and finding the right property are common.

• Financial Knowledge: While 65% of respondents feel knowledgeable about the real estate market, many still worry about financial hurdles like maintenance costs and property taxes.

• Saving for a Down Payment: 38% have started saving for a down payment, but the process is slow for some, especially among Gen Z.

• Why Homeownership Matters: The main reasons for wanting a home include providing a stable place for family, having a personal space, and owning an appreciating asset.

• Working with Agents: 90% plan to work with a real estate agent for guidance, negotiating offers, and navigating the homebuying process.

In short, while Gen Z and Millennials are motivated to buy homes, they’re also cautious about the financial aspects. Most plan to use real estate professionals to help them navigate the process. If you’re in the same boat, connecting with a local RE/MAX agent could be a great first step!