SAN ANGELO, Texas – With the booming housing market, it seems that homebuyers are getting younger and younger.
“I was able to buy really young because I was stuck in the renting cycle and not happy. I didn’t want to share walls with people,” expressed Lauren Montgomery who is a Realtor at Coldwell Banker Legacy.
According to a recent Bank of America Survey, more than half of Generation Z’s (18-24-year olds) are currently saving up to buy a house.
“I’m saving up. It’s very difficult but it’s not impossible,” claimed Paul Pearson who is 20 years old, landing him in Generation Z category.
Real Estate is an investment because land doesn’t depreciate, and buyers are building equity.
However, with renting, money isn’t going towards anything and rent prices are only getting more expensive.
“Rent keeps going up. I have so many situations where young buyers are coming in, they’ve been renting, and we figure out the price range they want to buy where they’re comfortable. So many of them are able to achieve a house payment that’s cheaper than what they’re paying,” detailed Hannah Vick who is the Vice President of Citizens State Bank.
Young homebuyers credit the age of technology for the influx of resources.
“There’s so much at your fingertips, now. You can get on the internet and research anything that you want to,” added Vick.
“There’s everything on there, it shows you from loan calculators to how to manage your money,” mentioned Pearson.
Also, school education has improved for the younger generation, adding courses that help with learning these skills.
“Education has given itself a big pat on the back; life skill classes, how to file your taxes… it’s all there for you,” said Pearson.
Buying a home has become a lot easier than before, especially for first-time buyers.
“There are programs that our parents didn’t get to use. It’s not putting 20 percent down on a house anymore, that’s not the rule,” detailed Montgomery.
With the market going up, so will the number of homeowners.
However, their age is still only going down.
“Having your own home is really the American dream,” elaborated Vick.
“As of right now, it’s really right around the corner,” proclaimed Pearson.