Majority of Generation Z Expect to Own a Home by Age 30: Study - NBC 10 Philadelphia
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Majority of Generation Z Expect to Own a Home by Age 30: Study

The Freddie Mac survey does note, though, that Generation Z understands home prices, saving for a down payment, and having student loan debt are big challenges

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    Majority of Generation Z Expect to Own a Home by Age 30

    A study from mortgage lender Freddie Mac explains another particular demographic is more "financially educated" because they were kids when the 2008 economic crisis happened and understand the importance of owning a home. Anoushah Rasta reports.

    (Published Friday, Nov. 22, 2019)

    In a survey conducted by Apartment List, nearly one in five millennial renters said they expect to rent indefinitely.

    But a study from mortgage lender Freddie Mac explains another particular demographic is more "financially educated" because they were kids when the 2008 economic crisis happened and understand the importance of owning a home.

    The Freddie Mac survey claims "the overwhelming majority (86%)" of Generation Z is eager to own a home, rather than rent, and plans to "attain this goal by the time they turn 30 years old."

    That's three years younger than the current, median home-buying age.

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    "If I had the money, I would probably buy because I feel like it's a better investment because if you're renting, you're kind of just throwing your money away," said Kate Shultz, a student at San Jose State University.

    The Freddie Mac survey does note, though, that Generation Z understands home prices, saving for a down payment, and having student loan debt are big challenges. Generation Z still does not think buying a home is out of the question compared to the generation before -- the millennials -- who are far more likely to rent, especially in places like the Bay Area.

    Freddie Mac said it will be keeping an eye on Generation Z because they're going to drive the demand for entry-level homes, and it will be good news for the housing market.