Are Zoomers Buying Homes?

It might be hard to believe, but Gen Z has grown up. They aren’t babies anymore. They’ve even jumped into the pool of home buyers. Gen Z is eager to put down their own roots and achieve financial independence. What’s their best move? Turning to homeownership! 

 

According to the latest Home Buyers and Sellers Generational Trends Report from the National Association of Realtors, 30% of Gen Z buyers transitioned straight from living under their parents' roofs to owning their own homes. But how are they doing it?

 

A recent survey by Rocket Mortgage identifies some of the top motivators driving Gen Z buyers to purchase a home: “Of those surveyed, 34% said that starting or growing their family was their main motivation to buy a home. . . . Along with growing a family comes establishing a home base.” 

 

Another key reason the survey says Gen Z wants to buy is because homeownership can give them more stability (20.8%). That’s because buying a home allows you to stabilize what’s typically your biggest monthly expense: your housing cost on average for 15 to 30 years. If you keep renting, you don’t have that same benefit, and you won’t be protected from rising housing costs.

 

If these reasons have Zoomers feeling ready to buy, here’s where they are finding their homes. According to a recent Lending Tree survey, Gen Z buyers are focusing on more affordable areas to help boost their buying power and offset the challenges that come with today’s mortgage rates. Many Gen Z buyers still want the convenience and excitement of city life, but also value the affordability, open air, and space more suburban areas offer. Jacob Channel, Senior Economist at LendingTree, explains: “. . . they want to live in a city, but they also want to be close to nature.” Morris County is made up of so many VERY different towns. There’s something for everyone here, with the added benefit of being close to both New York City, the beach, forests, farm land, and the suburbs. 

 

But locating the perfect spot for you requires expertise. If you or a Zoomer you know is looking to start their homebuying journey, we are more than happy to help navigate them through this hectic market. It’s never too soon start the process!

 

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