Bank of America

2019 Spring Homebuyer Insights Report

Latest Homebuyer Insights Report finds a majority of prospective homebuyers between the ages of 18 and 23 want to buy in the next five years, meaning they’d own before the age of 30.

The latest report also found that more than half of Gen Z has already started saving for a home, perhaps motivated by current homeowners of all ages who say the satisfaction of owning a home outweighs the challenges.

Prospective Gen Z homebuyers want to own and have started to save

A majority of prospective Gen Z homebuyers between the ages of 18 and 23 want to buy within the next five years, and more than half are already saving for a home.

Gen Z (18-23)

  • 8
    33
    59
52% of prospective Gen Z homebuyers are already saving to buy a home.

Gen Z’s top reasons for wanting to own a home differ from other generations

  • Gen Z(18-23)

    59
    47
    33
  • Millennials(23-40)

    41
    42
    31
  • Gen X(41-54)

    17
    45
    17
  • Baby Boomers(54-73)

    10
    46
    16

Gen Z acknowledges that there are barriers to buying a home

While young prospective buyers identify saving for a down payment and closing costs as the top barrier to buying, they see it as less of a challenge than other generations do.

The top barriers to buying include...

  • Gen Z(18-23)

    66
    58
    52
  • Millennials(23-40)

    69
    59
    43
  • Gen X(41-54)

    72
    58
    30
  • Baby Boomers(54-73)

    74
    64
    30

Gen Z will do whatever it takes to own, including asking for financial help and making significant sacrifices

Will you receive financial help to buy a home?

  • Gen Z(18-23)

    61
    29
  • Millennials(23-40)

    54
    46
  • Gen X(41-54)

    49
    51
  • Baby Boomers(54-73)

    35
    65

Who or what will provide you with financial help?

  • Gen Z(18-23)

    21
    17
    15
  • Millennials(23-40)

    14
    19
    11
  • Gen X(41-54)

    14
    17
    13
  • Baby Boomers(54-73)

    8
    16
    7

Are you willing to make sacrifices to buy a home?

  • 94%
    Gen Z
  • 93%
    Millennials
  • 81%
    Gen X
  • 89%
    Baby Boomers

What sacrifices are you willing to make?

  • Gen Z(18-23)

    48
    34
    32
  • Millennials(23-40)

    38
    15
    23
  • Gen X(41-54)

    38
    9
    17
  • Baby Boomers(54-73)

    31
    8
    10

Gen Z likely got the memo from current homeowners: owning a home is worth it

Is owning a home worth the challenges it took to achieve?

7% No 93% Yes

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