A survey from Zillow aimed to examine the housing influences on millennials and Gen Zers, found that three in five of them are looking to put their pandemic savings towards a downpayment. Homeownership is still a top priority for these demographics and their influence comes from a not-so-surprising place; social media influencers and celebrities.
According to Zillow, of the more than 1,200 young adults surveyed, 83% reported saving money in at least one spending category during the pandemic.
“Young people, particularly women and BIPOC, were disproportionately impacted by the pandemic and more likely to suffer from job loss and housing insecurity,” says Zillow population scientist Manny Garcia. “But during this difficult time, many young people say they saved on transportation, shopping, dining out and child care. Some who remained employed and saved enough for a down payment were able to join in on the hot pandemic housing market.”
Mortgage professionals and companies are always looking to track what drives buyers and borrowers to make certain financial decisions and according to Zillow's findings, 27% of young adults have been inspired by influencers or celebrities to make certain housing decisions, including purchasing a home.
The report also revealed that men were more likely to influenced by influencers or celebrities. Zillow reported that 32% of men ages 18-41 confirmed their source of inspiration came from influencers or celebrities, compared to 21% of women. While these figures stand out among the different influences on millennials and homebuyers, the record-low mortgage rates are still a major driver in their decisions to purchase a home.
“Record low mortgage rates were the primary driver of our homebuying decision. My spouse and I knew we might not see rates this low again in our lifetime, and it allowed us to afford a larger home without stretching our budget,” said Haley Mills, Zillow communications coordinator and recent millennial homebuyer. “We moved quickly out of fear of missing out on a great home and overlooked details like the number of bedrooms, interior paint color and unkempt landscaping. However, those are the projects we're excited to do together to make the house our own, with the help of influencers and friends to give us all the best design trends and DIY tricks.”
Read more about the current influences on millennials and Gen Zers when it comes to purchasing a home.
