Almost 3/4 of Gen Z want to buy a home in less than 6 years
Per CNBC
A recent report shared how almost three-quarters of Gen Z said that they wanted to buy a home in just one to six years. The survey from Rocket Morgage found that this age group wasn't that worried about the current challenges being faced.
The report mentioned rising mortgage rates, high home prices, and limited inventory as the challenges in the market. However, 71.5% of Gen Z still wanted to buy their first home in one to six years.
The survey also tried to discover whether the applicants knew the factors taht lenders were considering when approving a mortgage. It found that, on average, 33.9% of Gen Z were wrong about those factors.
So far, 72.3% of Gen Z knew that a good credit score was needed to be able to secure a mortgage. However, only 32.8% of them knew about the debt-to-income ratio.
The survey also found out that when it came to the 20% downpayment on a home, only 10.1% of Gen Z planned to do this. This would have protected them from private mortgage insurance (PMI), which would be an additional cost to the borrower.
Toward the end of February, it was reported that Gen Z workers were placing away 20% of their annual salary into their 401(k) or a similar plan. This was higher than the percentage suggested by Fidelity at 15%.
It was also reported during that time that Gen Z had median retirement savings of $33,000. Baby Boomers, on the other hand, reportedly had a median of $162,000 in retirement savings.
In November, it was reported that the average 401(k) balance dropped for its third consecutive quarter and was down by 23% from a year before to just $97,200.
It was recently also reported that the buy now, pay later model was driving Gen Z into debt.
See flow at unusualwhales.com/flow.
Other News:
- Gen Z workers are putting away 20% of their annual salary into their 401(k) or a similar plan
- Buy now, pay later is driving Gen Z into debt
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