According to a recent study of Generation Z — young people ages 18 to 25 — buying a home remains top of mind even during the pandemic. The report found that 83 percent of Gen Z dream of buying a house within the next decade. However, financial reality is making things difficult for them.
The study of more than 1,000 young people revealed that although many want to buy a house, few believe it will actually happen. Only 39 percent of the respondents said they are “optimistic” about buying a home. One of the main reasons for this lack of faith is the coronavirus. As Business Insider notes, one out of every four Gen Z workers lost their jobs between February and May, as the pandemic wreaked havoc on the economy.
The bright side of the Gen Z report is that young people have time on their side. If you’re a young person who wants to buy a home, you’ll want to start the planning process now so that you can smooth out as many wrinkles as possible. The first step is to start saving for a down payment. As your savings increase, keep an eye on your credit to make sure it’s as high as possible. A sky high credit score will help you secure a low mortgage rate. And remember: Shop around for a mortgage, don’t just take the first offer you’re given. These are just some of the first steps toward buying a home. If you remain committed to the goal, no matter the pandemic-sized obstacles in your way, there’s a good chance you’ll own a home quite soon.