The Next Generation of Homebuyers in Metro Detroit Today
Surprise! we now have the next generation of homebuyers entering the home buying process in Metro Detroit. Welcome Gen Z to adulting.
Many members of Generation Z (Gen Z) are aging into adulthood and deciding whether to rent or buy a home. My recommendation, avoid the rental trap if you can. If you find yourself in this group, it’s important to understand you’re 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, here are a few reasons to think about homebuying 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 instead purchase a home than rent long-term. As George Ratiu, Manager of Economic Research for realtor.com, says:
“With nearly three-quarters of those surveyed preferring to buy versus renting long-term, the housing industry should be prepared for millions of Gen Z buyers to bring a new wave of demand along a similar stage-of-life timeline as the millennial generation before them.”
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 want to become homeowners more than any other age group. They want and need a place of their very own.
You don’t have to limit yourself to what your lease and landlord will allow when you own your home. That may be because one of the most significant benefits of homeownership is having a place where you can truly make your own by customizing it to your style and personality. You can decide whether that’s the décor, painting, or renovation.
With a mortgage, your payment is locked in for the length of your loan (typically 15 to 30 years). Not to mention, owning a home provides much greater long-term stability and security than renting. There’s also protection from steadily rising rental costs when you own a home.
Work with a Real Estate Professional To Achieve Your Goals
Whether you’re just getting started on your homebuying journey, or you want to learn more about the process. It’s important to understand you won’t be the only first-time buyer in the market. We have two generations hitting the home buying process simultaneously, Millenials and Gen Z. It will be crucial to connect with a trusted real estate advisor soon. Please start with reading what they write. What is their value to you? Are they coming from education or opening doors and writing contracts? According to a recent survey from realtor.com, most first-time buyers surveyed are looking to purchase a home in 2022. As the survey notes:
“First-time home buyers retain their optimism despite a challenging housing market in the past year. Hoping to achieve their goal of homeownership and provide a comfortable space for their families, young buyers are setting out to learn what they can about the market and setting their list of priorities for their home purchase.”
That means you’ll likely face intense competition from other first-time buyers. One way to get a leg-up on that competition is to work with a real estate professional to ensure you have the support you need to make an informed and confident decision.
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Don’t muddle through the Home Buying and Selling Process. Buying a new home is a dream for all of us, and it’s an emotional and stressful process. It also involves the most significant financial transaction you probably will make in your lifetime.
Gen Z Home Buying Process Bottom Line
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 professional on your side to help you explore your options.
Simplifying Real Estate Through Education
As we move forward, it’s been challenging as we navigated through all the changes. Putting your dream of a new home on HOLD shouldn’t be one of them. Now more than ever, knowledge will be your power. Know the Market You’re In and your Negotiation Power. Check out Categories for additional updates regarding the Market | Buying | Selling
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