Gen Z Homeowners? Yes, More in Their 20s Are Managing to Buy Despite the Odds | KQED

"In Milwaukee, Francisco Vazquez, 27, recently achieved what feels out of reach for so many in America today, especially young people: He bought a cute yellow three-bedroom home with a basement, garage and yard. Vazquez is part of a small but growing share of Gen Zers managing to buy a home despite historically unaffordable prices, and when the average age of first-time buyers has climbed to 40. They are outpacing millennials, many of whom also struggled to buy at the same age. They're less likely to use help from parents and far more likely to be single buyers, especially women."

""Gen Zers seem to have learned from millennials," said Jessica Lautz, deputy chief economist at the National Association of Realtors, which tracks buying trends. She also credits their use of social media for financial planning. "They're embracing the knowledge that is at hand.""

""I asked around the office to try and understand what's happening here, and I was reminded, COVID," Lautz said. "So I think perhaps delays in getting marriage started, and partners started, could be one of the things going on here for these young adults.""

"Strikingly, 35% of buyers in their 20s were single women, the highest share among all generations. "It's really amazing if you look back," said Sue Meitner, who specializes in helping women buy homes and is president of Centennial Lending Group in Pennsylvania. "Women weren't even allowed to own a house until not too long ago.""

Francisco Vazquez, 27, bought a three-bedroom home in Milwaukee after changing his career path and saving aggressively, including living rent-free with his parents for one year. Gen Zers are making up a growing share of first-time buyers who manage to purchase homes despite historically unaffordable prices and a rising average age of first-time buyers. They are outpacing millennials at the same age, are less likely to rely on help from parents, and are more likely to buy as single buyers, particularly women. Jessica Lautz credits Gen Z’s use of social media for financial planning and their ability to apply available knowledge. She also links higher single-buying rates to COVID-related delays in marriage and partnerships. Thirty-five percent of buyers in their 20s are single women, the highest share across generations.

Read at Kqed