Summary
Gen Z faces significant challenges in achieving homeownership due to rising housing prices, high mortgage rates, and financial burdens like student debt and expensive rent. As of 2024, only about a quarter of Gen Z adults owned homes, with many struggling to save for down payments. For instance, a 20% down payment on a median-priced home of $346,700 amounts to $69,340, but only 4% of Gen Z renters have over $50,000 saved. To overcome these obstacles, some are purchasing homes in more affordable regions, taking on second jobs, or receiving financial assistance from family. Additionally, over 18% are living with relatives or friends to save toward a home purchase.
Investopedia
Read the Full Article
The dedicated team at Newsletter Station has provided this summary for your convenience.
Harness the potential of email marketing with Newsletter Station. Reach your target audience, drive conversions, and achieve your business goals.
|
|
|
