Affordable Homeownership Strategies for Gen Z

Affordable Homeownership Strategies for Gen Z




The idea of owning a home has always been a big part of the American Dream. It's a symbol of stability, independence, and having a place to truly call your own. But for Gen Z, the "Zoomers" born between 1997 and 2012, making that dream a reality can feel like quite the challenge today with higher mortgage rates and rising home prices.

But achieving that goal of owning your first home can still be attainable, even today, with some strategic planning and resourcefulness.

Explore Down Payment Assistance Options

With prices rising all around you, it can be hard to save up for a home. If you've been struggling to stash away enough cash for that down payment, it’s worth it to look into the various down payment assistance programs available. These programs can really help you save big on the upfront costs of buying a home.

There are a lot more options out there than you may realize. According to Down Payment Resource, there are over 2,000 programs designed to help hopeful homebuyers with down payments and closing costs.

If you qualify for one of these programs, you may not need to save up as much money for your down payment. A local real estate agent can help you explore these programs in your area, making it much easier to turn your homeownership dream into a reality.

Consider Living with Relatives To Save

If you still need a bit more time to save, even with the down payment assistance programs out there, there are ways you can make that happen. Many savvy Zoomers have made a strategic choice to live with relatives so they can get to their savings goals even faster.

According to the National Association of Realtors (NAR), around 30% of Gen Z homebuyers transition directly from their relative’s home to a home of their own.

By sharing living costs, such as mortgage payments, utility bills, and even grocery expenses, you can substantially reduce your monthly expenses. This frees up more of your income to tackle any outstanding debt, boost your credit score, and reach your down payment target in less time. And, all of this can bring homeownership one step closer to becoming a reality. Clare Trapasso, Executive News Editor at Realtor.com, explains:

Faced with ongoing housing affordability issues . . . we're seeing parents and children becoming roommates again in later years as the 'kids' save up to purchase their own place . . ."

The Road to Homeownership

When you're on the path to becoming a homeowner, it's a good idea to get some help along the way. And one of your best resources on this journey as a young homebuyer is a trusted real estate agent. They'll steer you through the process of buying a home and help you find one you can afford. 

Bottom Line

For Gen Z, the path to homeownership may not be straightforward, but it's still within reach. With the right strategies, you can turn your dream of owning a home into a reality.

Many Gen Z individuals face challenges in achieving homeownership due to the high cost of real estate in some Michigan cities. The rising housing prices and limited availability of affordable homes can make it difficult for young adults to enter the housing market.

15 Properties
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$425,000
Neighborhood: Lake Orion Groves Sub - Orion Twp
4
Beds
2
Baths
1,670
Sq.Ft.
1940
Year Built
3
Days on Site
20240035411
MLS
$150,000
Neighborhood: Pleasure Park No 1 (Roseville)
3
Beds
1
Baths
1,560
Sq.Ft.
1951
Year Built
3
Days on Site
20240035657
MLS
Open 5/25
519 Melody Royal Oak,  MI 48073
$322,999
Neighborhood: Arden Park Sub
3
Beds
1F11/2
Baths
1,252
Sq.Ft.
1971
Year Built
5
Days on Site
20240034108
MLS
4
Beds
3
Baths
2,558
Sq.Ft.
1951
Year Built
5
Days on Site
20240018803
MLS
$274,900
Neighborhood: Grenal # 01
3
Beds
1F11/2
Baths
1,308
Sq.Ft.
1966
Year Built
5
Days on Site
20240030810
MLS
$210,000
Neighborhood: Kenrose Sub
3
Beds
1F11/2
Baths
1,020
Sq.Ft.
1954
Year Built
5
Days on Site
20240030777
MLS
Open 5/25
11093 Lesure Dr Sterling Heights,  MI 48312
$320,000
Neighborhood: Rosendale # 01
4
Beds
1F11/2
Baths
1,950
Sq.Ft.
1965
Year Built
5
Days on Site
20240026772
MLS
$475,000
Neighborhood: Suprvrs Plat Of Orion Blvd Sub
3
Beds
2
Baths
1,213
Sq.Ft.
1925
Year Built
5
Days on Site
20240007583
MLS
$375,000
Neighborhood: Wayne County Planno 573(200 River Place Lofts)P16-84
1
Beds
1F11/2
Baths
1,451
Sq.Ft.
1996
Year Built
5
Days on Site
20240025900
MLS
$217,999
Neighborhood: Meadowood
3
Beds
1F11/2
Baths
1,008
Sq.Ft.
1950
Year Built
5
Days on Site
20240022242
MLS
$317,999
Neighborhood: Clarkston Estates No 2 - Independence
4
Beds
2
Baths
1,338
Sq.Ft.
1957
Year Built
5
Days on Site
20240024163
MLS
$115,000
Neighborhood: Schoolcraft Sub No 2(Plats)
3
Beds
1
Baths
1,486
Sq.Ft.
1928
Year Built
5
Days on Site
20240019905
MLS

Phone(248) 266-0584

Email[email protected]

Address Oak & Stone Real Estate
408 East Street
Rochester, MI 48307

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