Wednesday, January 26, 2022 / by Raj Jaggi
Many Generation Z (Gen Z) individuals are approaching adulthood and considering whether to rent or purchase a home. If you fall into this category, keep in mind that you're never too young to start thinking about homeownership. The earlier you begin preparing, the quicker you will be able to leave your rented home.
Here are a few reasons to consider buying a home this year as you begin your journey and plan your next move.Why Does Gen Z Want To Become Homeowners?According to realtor.com research, while the overwhelming majority of Gen Z has yet to enter the housing market, a sizable percentage plans to do so in the near future. According to the study, 72% of Gen Z would prefer to buy a home than rent for the long run. As George Ratiu, Realtor.com's Manager of Economic Research, puts it:“With nearly three-quarters of those surveyed preferring to buy versus renting long-term, the housing industry should be prepared for millions of Gen Z buyers to bring a new wave of demand along a similar stage-of-life timeline as the millennial generation before them.”
Why do so many members of Generation Z place such a high value on homeownership? According to the National Association of Realtors (NAR) Home Buyers and Sellers Generational Trends Report, young homebuyers – more than any other age group – the desire to become homeowners because they want to have their own space.
That might be because one of the most appealing aspects of homeownership is owning a home that you can genuinely personalize to reflect your style and personality. You don't have to limit yourself to what your lease and landlord will allow when you own your house, whether it's the décor, painting, or improvements.Furthermore, owning a house offers far more long-term stability and security than renting. Because your monthly mortgage payment is fixed for the duration of your loan, you are protected against continuously growing expenses when you buy a property (typically 15 to 30 years).Work with an Agent To Achieve Your Goals!
Whether you're just starting your homebuying adventure, want to learn more about the process, or are completely dedicated to purchasing your first house this year, it's critical to contact a trustworthy real estate expert as soon as possible since you won't be the only first-time buyer in the market. According to a recent poll conducted by realtor.com, the majority of first-time buyers want to buy a home in 2022. As stated in the survey:
“First-time home buyers retain their optimism despite a challenging housing market in the past year. Hoping to achieve their goal of homeownership and provide a comfortable space for their families, young buyers are setting out to learn what they can about the market and setting their list of priorities for their home purchase.”
That means you'll very certainly be up against a lot of other first-time purchasers. Working with a real estate expert to ensure you get the assistance you need to make an informed and confident choice is one approach to gain an edge over competitors.
You're not alone if you're pondering your next step. It's never too early to think about the advantages of homeownership vs renting. Make contact with a real estate expert to learn more and have a trusted professional on your side as you explore your options.