About 93% of adult zoomers – the generation born in the 15-year span from 1997 to 2012 – want to own a home, with 58% saying they want to own property so they can be rich and wealthy someday, a survey conducted by Clever finds.
But with high interest rates and a lack of available homes sending prices soaring, 60% of Gen Z worry they might never own a home, the survey of 1,000 zoomers reveals.
What’s more, 96% have concerns about buying a home, including 54% who worry they won’t be able to afford it and 48% who worry about hidden costs.
Of those adult zoomers who are already homeowners, 79% say they don’t think the average member of their generation could afford a home.
In addition, two-thirds (68%) of Gen Z homeowners express regrets over purchasing a home, with 21% saying they didn’t have sufficient knowledge about the home-buying process — and 38% admitting to obtaining home-buying information from TikTok.
Among non-homeowners, a majority (52%) have struggled to pay rent. Nearly 1 in 5 (18%) cite financial irresponsibility as a barrier to homeownership, and 35% are concerned about qualifying for a mortgage.
However, 90% of Gen Z believe they will buy a home at a younger age than the current U.S. average of 35 years old, with 33% expecting to own a home by age 25.
Photo: Nathan Dumlao