Business and Finance
51% of Black Generation Zs Worry They Will Never Own a Home
Like many Americans, Generation Z would really like to own their very own homes, but the issue is that they simply cannot afford them.
In fact, recent data shows that 51% of Gen Zers fear they are going to never own a home, compared with 60% of Gen Zers who felt that way. Clever Real Estate surveyed 1,000 Gen Z adults to seek out out their views on buying and owning a home. About 200 respondents — 20% — were black.
Nearly all Gen Zers who don’t own a home cite expensive homes (38%), high rates of interest (29%) and saving for a down payment (27%) as essentially the most common barriers to homeownership.
Jaime Dunaway-Seale, writer of the book, assured BLACK ENTREPRENEURSHIP some data on Black Gen Z. It showed that 59% of Black Gen Z who don’t own a home have lower than $10,000 in savings for a home. With that quantity allocated for a standard 20% down payment, they may only afford homes price lower than $50,000.
In addition, only 20% of potential Gen Z buyers imagine they’ll afford a home, in comparison with 18% of those surveyed. Yet 40% of Gen Zers expect to eventually own a home price greater than $1 million.
About 64% of Black Gen Z homeowners make an apology, and 37% admit they usually are not knowledgeable enough concerning the homebuying process. Nearly 92% of Black Gen Zers who don’t own a home say owning a home is essential. However, 96% produce other goals above owning a home. These goals include stable employment (47%), constructing a profession (49%) and starting a family (37%).
Dunaway-Seale wondered how much of a challenge it was to beat the barrier of affordability.
“Many Gen Zers will have to make radical life decisions to start saving for a home, such as living with their parents for long periods of time even after they start their careers, living in smaller apartments, moving to more rural and less expensive areas, and living with roommates.”
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