A new survey conducted by the Bank of America has revealed that generation Z is looking to buy homes instead of renting them out.
Their report also revealed that the majority of generation Z is currently saving money in order to make that happen.
Among the young adults surveyed, 59% said they would like to be homeowners within the next half decade. That means that if everything goes according to plan, the majority of generation Z adults would own a home before the age of 30. Furthermore, the study revealed that generation Z would rather use their money to buy a home instead of using the money for extravagant/luxury items.
Most of generation Z would also be willing to take on a second job in order to pay for the house. Many would also go to a cheaper school in order to save money. Despite common stereotypes, moving back in with their parents is an option that many in generation Z would take.
As far as the reasons for these beliefs and plans, the most common reason cited was purchasing a home for the purpose of starting a family.