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Gen Z: Homebuying trends for this generation

On Behalf of | Oct 18, 2023 | Residential Real Estate |

Buying a home is a major legal and financial decision, and it is important to have all pertinent information before moving forward. There can be significant barriers to homeownership, particularly for younger buyers, such as Gen Z. However, there are many in this generation who are choosing to purchase a home, and looking at current trends may be useful for a potential Florida buyer or seller.

Challenges to buying a home

For new Gen Z homebuyers, they are entering the market at a difficult time. Overall, the average home price is higher than even a few years ago. Additionally, inventory is low in certain areas, and it can be challenging to find a home that is available and within budget. Interest rates are also high, presenting another financial challenge.

Gen Z may also have higher student loan debt burdens, which can make it difficult for them to move forward with buying a home. Statistics indicate that while many of them do want home ownership, others in this demographic may find renting more affordable and accessible. Buyers in this age group are also more likely to buy homes in more affordable urban areas rather than in large cities.

Assistance with the home-buying process

It is not always easy to buy a home, especially for younger individuals looking to own a first home. A Florida buyer or seller may benefit from having experienced guidance as they navigate this process. Legal counsel at each step may provide useful insight and help reduce the chance of complications that could cost all parties time and money.