Skip to main content

Report: Gen Z Eager to Become Homeowners

Phil Hall
Apr 11, 2019
Photo credit: Getty Images/SvetaZi

The next big wave of potential homeowners, the Gen Z demographic between the ages of 18 and 23, are eager to purchase residential property, according to newly published Bank of America Homebuyer Insights Report.
The new report found 59 percent of Gen Z respondents are eager to buy a home within the next five years, which means they will be homeowners before turning 30. More than half of respondents have already began saving for a home to buy, although 66 percent said saving for a down payment and closing costs were their main obstacles. Nearly two-thirds of prospective Gen Z homebuyers believed they would require some financial help to buy, most likely from parents (21 percent), downpayment assistance programs (17 percent) or other family members (15 percent)—and more than half added they think they will need to pay their parents back if they receive parental funding for their home purchase.
“It’s exciting to see Gen Z wanting to own a home for reasons like building their personal wealth over time,” said D. Steve Boland, Head of Consumer Lending at Bank of America. “Despite their young age, this group is pragmatic and actively planning for their future. They recognize buying a home isn’t easy and have a clear vision not only about where they plan to get help but also how they are willing to help themselves in order to make it happen.”

Apr 11, 2019
CFPB Issues Guidance On AI In Credit Underwriting

Creditors must provide specific and accurate reasons for credit denials, even with complex AI models.

Sep 19, 2023
Intercontinental Exchange Completes Black Knight Acquisition; Births Dark Matter Technologies Under Constellation Software

Rich Gagliano takes the helm at Dark Matter Technologies, poised to lead the future of Empower LOS with a 1,300-strong team, blending startup agility with decades of industry experience.

Sep 18, 2023
FHFA Invites Public Engagement On Modernized Credit Score Transition

Stakeholder forums and listening sessions planned to ensure seamless rollout; extended timeline for bi-merge credit report requirement in play.

Sep 11, 2023
Desperation Drives Difficulty in Closing Mortgages in California

Analysis reveals California among top 20 toughest states for mortgage closures.

Sep 11, 2023
If You Build It, They Will Come

Ratings will go a long way toward growing the market for home equity-backed securities

Sep 07, 2023
Investors May Be Losing Interest In The Single-Family Rental Market

Rise in interest rates, drop in values have them pulling back in certain regions

Sep 07, 2023