Many members of Generation Z (Gen Z) are entering adulthood and deciding whether to rent or buy a home. If you find yourself in this group, it’s important to understand you are never too young to start thinking about homeownership. The sooner you start planning, the sooner you can move on from renting.
As you set off on your journey and plan your next move, our team at Ryan Dallas Real Estate put together a few reasons to think about buying a home this year.
The Reasons Gen Z Want To Become Homeowners
While the majority of Gen Z hasn’t entered the housing market yet, a large portion plan to according to a realtor.com report. The report found that 72% of Gen Z would rather purchase a home than rent long-term.
But why do so many members of Gen Z value homeownership? According to the latest Home Buyers and Sellers Generational Trends Report from the National Association of Realtors (NAR), young homebuyers – more than any other age group – want to become homeowners because they want to have a place of their very own.
That may be because one of the biggest benefits of homeownership is having a place that you can truly make your own by customizing it to your style and personality. Whether that’s the décor, painting, or renovations, when you own your home, you don’t have to limit yourself to what your lease and landlord will allow.
Not to mention, owning a home provides much greater long-term stability and security than renting. When you own a home, there’s also protection from steadily rising rental costs because your monthly mortgage payment is locked in for the length of your loan (typically 15 to 30 years).
Work with a Real Estate Professional To Achieve Your Goals
Whether you’re just getting started on your homebuying journey, you want to learn more about the process, or you’re fully committed to buying your first home this year, it’s especially important to connect with one of our trusted real estate advisors soon, as you won’t be the only first-time buyer in the market. According to a recent survey from realtor.com, a majority of first-time buyers surveyed are looking to purchase a home in 2022.
That means you’ll likely face strong competition from other first-time buyers. One way to get a leg-up on that competition is to work with a Ryan Dallas Real Estate professional to make sure you have the support you need to make an informed and confident decision.
If you’re planning your next move, you’re not alone. Just know it’s never too early to consider the benefits of homeownership over renting. To learn more, let’s connect today so you have a trusted local professional on your side to help you explore your options.