Home prices have only continued to increase in recent years, and with affordability at its lowest rate in 40 years, the path to homeownership is not an easy one. Despite this, members of Generation Z and Millennials continue to find new ways to purchase homes. In a recent survey, InMyArea.com, a service comparison platform, found that one-quarter of Gen-Z adults and most Millennials already own their homes. Among those who don't yet own, 70% of Gen-Z adults plan to buy a home, with one-third hoping to do so within five years.
While the generational wealth gap continues to affect younger adults—with Millennials holding 30% less wealth than Baby Boomers did at the same age—some young people are using this to their advantage. According to the survey, some Millennials and Gen Zers rely on family support to afford a down payment, while one in 10 respondents say they used government grants to help finance their first home. Even with these supports, one-third of respondents say they work multiple jobs to manage housing costs.
Some young buyers further upended their lives in the search for a first home. One in five Generation Zers relocated to find more affordable housing, a tactic employed by more than one-quarter of Millennials. The rise of remote working has liberated young professionals from the confinement of commuter zones, allowing Generation Zers to move to the South or undervalued metro areas where they can stretch their housing dollars.