October 29, 2019
How Gen Z Approaches Homeownership
In its Spring 2019 Homebuyer Insights Report, Bank of America featured insights on the youngest upcoming generation of homebuyers, Generation Z, which it defines as those between the ages of 18 and 23. Having not been saddled with the economic insecurity experienced by Millennials except tangentially and in what they may consider distant memory, this group is expressing more confidence in the housing market, already doing what they can to save for a home, and—by more than half—hoping to purchase a home before they turn 30. Their intentions for doing so appear to be tied to the desire to build wealth and to make their loved ones proud.
But they’re not being pie-in-the-sky about it. They appear to recognize that purchasing a home is by no means an easy thing to succeed at and that it will take some serious, pragmatic thought and conscientiousness to achieve. They are showing signs of being good at saving their money, choosing to sacrifice frivolities to either get a second job (more than half of them) or move in with parents or in-laws to save even more. They ask for financial assistance from their families toward home purchases but to pay these inter-familial loans back rather than accept them as gifts.
And there’s good reason for making these goals paramount. Bank of America’s recent Fall 2019 Homebuyer Insights Report details homeownership’s emotional and life benefits over renting. Among its findings: 93 percent of owners say owning a home makes them happier than renting. Eighty-three percent of them say they could never go back. Seventy-nine percent say becoming a homeowner has made them better people, and 76 percent report that being homeowners has allowed them to make more time for new hobbies like landscape gardening, cooking, and interior design or remodeling. Moreover, 47 percent of respondents reported that owning a home has given their families a sense of pride, 49 percent claim homeownership has permitted them to entertain more often, and 24 percent say owning a home has allowed them to bring their entire families under one roof.
If you’re looking to buy a home in Jacksonville, Florida; Rockport, Massachusetts; or Cumberland, Rhode Island, you’ll need a title search to ensure you gain clear title to your property to mitigate risks—in case a storm or other natural disaster in the past scrambled the property’s title, for example. At Topouzis & Associates, P.C., we perform extensive title searches in these three states and provide Owners Policies of Title Insurance. Contact us for more details.