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Nearly Two-Thirds of Gen Z and Millennials Are Ready to Become Homeowners, Prices Are Holding Them Back
RE/MAXRE/MAX(US:RMAX) Prnewswireยท2024-07-25 12:15

Group 1: Homeownership Aspirations - The dream of homeownership remains a significant goal for Gen Z and Millennials in the U.S., with 63% indicating they are eager and ready to become homeowners despite market conditions [4][5][6] - Nearly two-thirds (65%) of Gen Z first-time homebuyers express eagerness for homeownership, while 61% of Millennials share similar sentiments [7] Group 2: Concerns and Considerations - Key concerns for Gen Z include affording upfront costs (40%) and property taxes (48%), while Millennials are more concerned about qualifying for a mortgage (42%) and maintenance costs (54%) [7] - Over half (56%) of Gen Z and Millennials are willing to compromise on factors like price, location, and size to achieve homeownership [7] Group 3: Importance of Professional Guidance - A significant majority (90%) of respondents are likely to work with a real estate agent when buying or selling a home, with 63% considering using an agent or mortgage lender to learn about the homebuying process [11][13] - The most valuable aspect for respondents is having an agent guide them through the entire process [11] Group 4: Financial Readiness and Knowledge - More than half (57%) of Millennials feel confident in their financial readiness to purchase a home, compared to 47% of Gen Z [10] - A higher percentage of Millennials (42%) have started saving for a down payment compared to 35% of Gen Z [10]