Generation Z to begin saving for homeownership

Generation Z saving for homeownership

RICHMOND, Va. (WWBT) - The newest generation is learning a valuable lesson from the cash-strapped millennials.

Generation Z is generally anyone born after 1994.

They are graduating college and finding work, and according to a new report from Bank of America, the majority of 18 to 23 year old want to buy a house in the next five years-- meaning before they turn 30!

The report also finds that more than half of Generation Z has already started saving for that home.

The Richmond region market president with Bank of America, Victor Branch, says Generation Z is willing to make sacrifices to get themselves ready to buy.

“They are looking at what happened with the generation ahead of them and saying I don’t want that to happen to me. I want to be homeowner and being a homeowner is a way to accumulate wealth.”

Branch says that research shows Generation Z is being more selective with colleges to attend so they won’t go into too much debt.

Branch says this young group recognizes buying a home isn’t easy and it’s taking steps to plan and budget. Nearly half surveyed are willing to take a second job to save up for their goal.

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