Gen Z is buying up homes. How they got so lucky

neurosis · May 01, 2023, 11:41 AM

This is an odd development considering everything you read on the news these days talks about how these younger generations will never be able to afford homes.

https://www.businessinsider.com/gen-z-higher-homeownership-rates-than-millennials-at-age-25-2023-4

According to the article they're doing better than my generation.

QuoteGen Zers may be the new kids on the block, but when it comes to home buying they are coming out on top.

That's according to a report from Redfin that has found the generation has surpassed their peers in homeownership at the earliest stages of their adulthood. In 2022, 30% of 25-year olds owned their home, slightly higher than the 28% rate for millennials and 27% rate Gen Xers when they were that age, data from the real estate brokerage shows.

YoDoug · May 01, 2023, 11:53 AM

When we were 25 you weren't getting into a home loan with only a couple thousand dollars out of pocket. You had to have a bit of a down payment.

RobertELee · May 01, 2023, 03:23 PM

I know a few mid twenties that jumped in when interest rates were at record lows. I'd imagine that's one huge reason the numbers grew. Be interesting to see in a couple years if that number levels back down.

CNCAppsJames · May 01, 2023, 05:15 PM

I'd like to see locations too. I don't know many in their 20's buying homes here in The People's Republik of Kommieforniastan.

Jon@NOWHERE · May 01, 2023, 07:10 PM

If they learn to manage their money properly, they can do that. My son bought his house 4 years ago at the age of 21....

mkd · May 01, 2023, 08:01 PM

Quote from: Jon@NOWHERE on May 01, 2023, 07:10 PMIf they learn to manage their money properly, they can do that. My son bought his house 4 years ago at the age of 21....

.congrats.
That's amazing

RobertELee · May 01, 2023, 08:19 PM

Quote from: Jon@NOWHERE on May 01, 2023, 07:10 PMIf they learn to manage their money properly, they can do that. My son bought his house 4 years ago at the age of 21....

Yeah, I was 23 when I bought my first house. Pays to be an anti-social workaholic I guess.

CNCAppsJames · May 01, 2023, 11:01 PM

Pays to not live in Commie states too.

beej · May 02, 2023, 06:46 AM

My son and a couple of his friends are trying to do this. So maybe it IS a thing. He went to trade school to be an electrician and has done well for himself there and incurred almost no debt doing it. 6 years in, he's already been promoted to a project manager and making good money so he's putting it into rental properties.