Gen-Z Holds The Advantage Over Millennials In Home Buying
In unfortunate news for millennials, Gen-Z will have much better luck once they enter their peak home buying years, according to a report from HousingWire.
"Most Millennials graduated from college during the Great Recession with a record level of student debt, after parents hit with job losses were forced to pull back tuition support," according to the report.
"When the generation born from 1981 to 1996 began getting on its feet a few years later and began looking for homes to buy, it got hit with another problem. Property prices were skyrocketing and the inventory of homes was tightening as construction, hard-hit during the downturn and still on the sidelines, lagged population growth."
The report also revealed that millennials are more hesitant when it comes to purchasing homes because they witnessed their parents struggles with losing their jobs and homes during the depression.
"Census data shows the results: The homeownership rate for people aged 35 to 44 fell to 60% in the third quarter, down from 67% a decade earlier," according to the report.
As millennials age, they will fall into that category as Gen-Z enters their prime home buying age.
To learn more about why Gen-Z will hold the advantage in home buying in the future, click on the image above.