Despite high aspirations, Gen Z faces challenges in homeownership, such as high interest rates and rising home prices. An Insurify survey indicates that 90% of Gen Z homeowners underestimated costs like mortgage interest and home insurance, creating financial strain. Among Gen Z, only 8% can afford a down payment, making their homebuyer percentage just 3%. Nevertheless, 40% expect to buy a home within three years, though sentiment is declining compared to the previous year as expectations about interest rates shift.
A whopping 90% of Gen Z homeowners underestimated the cost of owning a home, impacting their finances significantly and risking their ability to keep their homes.
Only 8% of Gen Zers say they can currently afford a down payment; they make up only 3% of all homebuyers, the smallest share of any generation.
Despite the financial burden, 40% of Gen Z respondents expect to buy a home in the next three years, with expectations varying significantly by region.
Fewer Gen Zers plan to buy a home this year compared to last year due to changing expectations regarding interest rates and housing affordability.
Collection
[
|
...
]