June 01, 2019

More than half of prospective homebuyers aged 18 to 23, also known as Gen Z, are already saving for a home, according to the spring 2019 Bank of America Homebuyer Insights Report. The report looks at the attitudes, preferences, and behaviors of homebuyers, and for the first time, it highlights Gen Z:

• 59% of prospective Gen Z homebuyers are planning to buy in the next five years
• 55% say they want to own a home in order to start a family and 47% want to build wealth
• 52% say they lack knowledge about where to start the buying process

Prospective Gen Z homebuyers say they would make sacrifices to buy a home:

• 51% say they’d cut back on extracurricular activities
• 48% say they’d get a second job
• 34% say they’d attend a university that would leave them with less student debt
• 32% say they’d move in with parents or in-laws