96% of Gen Zers have concerns about buying a home, with 54% worrying they won't be able to afford it and 48% fearing hidden costs.

ST. LOUIS, July 9, 2024 /PRNewswire/ -- 60% of Gen Z worry they might never own a home, with nearly all adult Gen Zers (98%) citing significant barriers to homeownership, according to a new survey from Clever Real Estate, a St. Louis-based real estate company.

The primary obstacles cited by Gen Z include the high cost of homes (50%) and steep interest rates (31%). Currently, 61% of Gen Z non-homeowners have less than $10,000 saved for a home, which would only cover a 20% down payment on a property valued at less than $50,000.

Only 18% of prospective Gen Z buyers believe they can afford a home. A majority of Gen Z (52%) anticipate their first home to cost less than $250,000. Nonetheless, 29% anticipate someday owning a home worth over $1 million.

Although 92% of Gen Z say owning a home is important, a whopping 96% prioritize other goals above homeownership, such as stable employment (51%), building a career (48%), and starting a family (32%).

More than three-quarters (79%) of Gen Z homeowners don't think the average member of their generation could afford a home. Further, 33% received parental assistance for their down payment, and 31% moved in with their parents to save for their home.

The survey also found that 1 in 3 Gen Z homeowners (33%) have struggled to pay their mortgage, and 1 in 8 (13%) regret that their mortgage is too expensive.

Unsurprisingly, two-thirds (68%) of Gen Z homeowners express regrets, with 21% saying they didn't have sufficient knowledge about the home-buying process — and 38% admitting to obtaining home-buying information from TikTok.

Among Gen Z renters, a majority (52%) have struggled to pay rent. Nearly 1 in 5 (18%) cite financial irresponsibility as a barrier to homeownership, and 35% are concerned about qualifying for a mortgage.

Despite these challenges and concerns, 90% of Gen Z remain optimistic, believing they will purchase a home before the current U.S. average age of 35, with 33% expecting to own a home by age 25.

Read the full report at: https://listwithclever.com/research/gen-z-homeownership/

About Clever Real Estate
Clever Real Estate is a technology company that produces educational real estate content reaching over 10 million readers annually, and its nationwide agent matching service has a 5.0-star Trustpilot rating across 2,300+ customer reviews. Since launching in 2017, Clever has reached $8.5 billion in real estate sold, matched 100,000+ customers with realtors, and saved consumers over $160 million on commission fees. Clever's network spans 19,000 agents across all 50 states.

Please contact Nicole Lehman at 380084@email4pr.com with any questions or to arrange an interview.

CONTACT:
Nicole Lehman
Clever Real Estate
380084@email4pr.com
724-719-0406

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SOURCE Clever Real Estate

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