According to a new study from Owners.com the town of Virginia Beach in Virginia is the number one home buyer market in the country.
Gen Z-ers have a new goal: Buy a house.
More than half of young adults ages 18 to 23 say they’re already saving to buy a home, and 59% are planning to do so within five years, according to a new survey by Bank of America.
D. Steve Boland, head of consumer lending at Bank of America, said it was “surprising” to see such a young group so focused already on becoming homeowners.
“They are not just thinking about it,” Boland said. “They’re doing something about it.”
Generation Z was defined as those born after 1995 for the survey, meaning if they reached their goals, they would be homeowners before 30.
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The survey found that to reach their goal, Gen Z would rather save for a down payment than plan a dream wedding, go shopping or take a vacation, if they had $5,000.
While a larger share of Millennials said they’d cut back on extracurricular activities for saving, more Gen Z-ers said they would get a second job, go to a university that would leave them with less debt or move back in with their parents.
“They’re changing their lifestyles,” Boland added. “They’re intentional about it and they’re not just talking about it.”
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Unlike other generations, young adults are saying they want to be homeowners for different reasons, the survey found.
Over half of Gen Z-ers say starting a family was a top reason for buying a house. The same goes for about 40% of Millennials, but only 17% of Gen X-ers and 10% of Baby Boomers said starting a family was a top reason.
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Roughly 2,000 adults who currently own a home or plan to in the future were part of the survey, which was conducted between January and February.
Boland said the focus was placed on Gen Z because it was a group they hadn’t studied in prior years.
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