The oldest Gen Zers are fast approaching 30 years old, which means they represent the next big wave of homebuyers in the United States.
Like previous generations, most Gen Zers consider homeownership an important part of adulthood. But some of the reasons they want to buy a house represent a departure from the norm.
While homeownership is still the goal for “nearly all Gen Z renters,” they are more motivated by emotional that financial reasons, according to a recent Insurify survey of 1,002 Americans ages 22 to 28. More than 4 in 10 of those surveyed (43%) expect to try to buy a home within three years. However, only 13% said could afford a 5% down payment based on the average U.S. home price.
Although Gen Z downplays the financial aspect, it’s obviously an important consideration when buying a house. Experian recommends that you check the following boxes before starting your search:
- You have a down payment saved.
- You have a strong credit score.
- Your debt is under control.
- You have accounted for closing costs and other expenses.
Here are the five most popular reasons Gen Zers say they want to buy a house, according to Insurify, along with whether those reasons are valid.
To Start or Support a Family
- Cited by 22% of Insurify respondents
This is a fairly traditional reason to buy a first home, and it makes sense if you need more space to accommodate a growing family. But you have to make sure you’re financially ready.
You can mitigate the financial impact by purchasing an affordable home, budgeting carefully and increasing your savings. However, the combined financial strain of both a mortgage and a baby can be overwhelming if you’re not in a strong financial position.
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The Freedom To Renovate, Remodel or Customize
- Cited by 21% of Insurify respondents
This is one of seven “great reasons to own a home,” according to the National Association of Realtors (NAR) — mainly because when you own instead of rent, you get to call the shots. This is a good reason to buy a home as long as you can afford it.
“You can decorate any way you want and choose the types of upgrades and new amenities that appeal to your lifestyle,” the NAR noted.
To Build Generational Wealth and Pass It to Children
- Cited by 18% of Insurify respondents
Buying a home is the biggest financial purchase most Americans will ever make, and home equity is the biggest source of wealth for the middle class. If your idea is to eventually own the home outright and pass it along to your children, there’s no question they will benefit financially, whether they choose to live in the home or sell it.
More Outdoor Space
- Cited by 11% of Insurify respondents
Here’s another traditional reason to buy a home: the opportunity to have the kind of private outdoor space you won’t get at the typical apartment complex. Having more outdoor space has numerous benefits. Here are a few:
- Relaxation and mental health
- Extra living space
- Entertainment area
- Space for kids and pets to run around
- A connection to nature through gardening and green spaces
- Healthier lifestyle
To Build Equity
- Cited by 11% of Insurify respondents
From a pure financial aspect, this might be the most important reason to buy a home. As the NAR noted, the money you spend on rent is money “you’ll never see again.” But when you pay your mortgage each month, you’re building equity in an asset that nearly always appreciates in value over time.
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This article originally appeared on GOBankingRates.com: 5 Most Popular Reasons Gen Z Say They Want To Buy a House — but Should They?
