Source: Time —
Houses are expensive — and Generation Z will soon discover homebuying is not what it used to be.
Those born between 1997 and 2012 are dubbed Generation Z or “Zoomers”– and 86% of them want to buy a home with 45% wanting to do it in the next five years, according to a survey conducted by Rocket Mortgage. I also happen to be one of them — an aspiring Gen Z homeowner — and homeownership for us feels unattainable. Millennials think they have it tough, but Gen Z will face the largest average income to housing price ratio in 70 years. Historically, the average home costs about five times the yearly household income, with 2022 data showing the average house costing more than eight times the yearly household income.
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