"Though Gen Z Americans may dream of homeownership, still-high housing costs mean that stepping onto the property ladder may not be possible at this point in time."
"By prioritizing paying off debt, Gen Z prospective buyers are setting themselves up for success when homeownership does become more feasible."
Homeownership among Gen Z has decreased significantly, with only 3% participating in the market by 2025, largely due to high interest rates and property prices. Coupled with an average personal debt of $94,101, financial priorities have shifted towards debt repayment rather than saving for mortgages. Research indicates a greater tendency among Gen Z to be 'reactors,' managing finances as they arise rather than planning ahead, which exacerbates their financial strains and hinders their entry into the real estate market.
Read at SFGATE
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