Gen Z finding better home buying conditions than Millennials

Gen Z finding better home buying conditions than Millennials

Gen Z finding better home buying conditions than Millennials
The Millennial generation begins turning 40 in 2020, which could mark a turning point in the homeownership rate. For the better part of the last decade, the generation born between 1981 and 1996 hasn’t had much success breaking into the housing market. Many graduated from college at the peak of the Great Recession and faced record levels of student loan debt. This resulted in a significant drop in the national homeownership rate as Millennials held off on a home purchase.

However, as this generation begins to reap the benefits of higher education and today’s steady employment numbers, experts predict that the could storm the housing market.

Their younger counterparts, known as Gen Z, still in their early 20s, are expected to have a much easier go of transitioning from renter to owner given current positive economic conditions.

Meanwhile, conforming no-point 30-year fixed mortgage rates are averaging 3.75 percent and 15-year rates are near 3.25 percent.

Do you have a question for Real Estate & Mortgage Analyst Mehran Aram? Submit your queries about a home purchase, refinance, or reverse mortgage via Aramco.Biz, social media (#AramcoReport), or over the phone at (866) 381-8888 and your questions may be featured in an upcoming article.