According to a recent Redfin report, Gen Zers are definitely the new kids on the block – and in this case, it is both literally and figuratively! In this crazy upside-down world of home buying, Gen Zers are coming out ahead of their predecessors.
Redfin is reporting some pretty significant and ground-breaking findings:
■ The report found that 30% of Gen Zers owned homes at age 25 in 2022.
■ This metric surpasses both Millennials and Gen Xers when they were the same age.
■ Gen Zers enjoyed the benefit of a very robust job market that jettisoned them into some pretty high-paying positions.
Gen Zers literally knocked the cover off the ball when it came to homeownership! The Redfin report found that In 2022, 30% of 25-year olds owned their home. This is a bit higher than the Millennial rate for homeownership which was 28% and 27% rate Gen Xers, when they were that age.
As you can recall, the economy was red-hot, and employers not only were hiring at a ferocious rate but were actually paying signing bonuses and retention bonuses!
In contrast with the pandemic economy, Millennials were battling the challenges of the 2008 market crash and ensuing recession, which was ultimately labeled, The Great Recession.
In addition, the Gen Zers had another very powerful advantage: record-low mortgage rates. In 2021, the average fixed rate mortgage was 2.96%! It climbed to an average of 5.34% in 2022, so the low rates and hot employment market really gave Gen Zers a leg-up on Millennials and Gen Xers.
If you have any questions about this information or title insurance, please contact Ralph Aponte: 732.914.1400.
Counsellors Title Agency, www.counsellorstitle.net, founded in 1996, is one of New Jersey’s most respected title agencies, serving all 21 New Jersey counties with title insurance, clearing title, escrow, tidelands searches, and closing and settlement services for commercial or industrial properties, waterfront properties and marinas, condominiums, townhouses or residential single-family homes. Counsellors Title also features its own Attorney Settlement Assistance Program™ [ASAP], which is an individual resource customized to fit the needs specifically of real estate attorneys, including, Documentation, Preparation, Disbursement of Funds, Attendance at Closing, HUD Preparation or Post-Closing Matters.
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