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The majority of Gen Zers believe they will never be able to become homeowners, according to a new survey published by Clever Real Estate.

In a nationwide poll of 1,000 Gen Zers, 60% of respondents were worried that will never own a home, while 18% believed they can afford a home. Nearly all respondents (98%) cited significant barriers to homeownership that include the high cost of homes (50%) and steep interest rates (31%).

Currently, 61% of non-homeowners Gen Z respondents admitted to having have less than $10,000 saved for a home, which would only cover a 20% down payment on a property valued at less than $50,000. Slightly more than half of the respondents (52%) anticipated their first home to cost less than $250,000 while 29% anticipated someday owning a home worth over $1 million.

But while 92% of respondents said owning a home is important, 96% prioritized other goals above homeownership, such as stable employment (51%), building a career (48%), and starting a family (32%).

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As for the Gen Z respondents who are homeowners, 33% received parental assistance for their down payment, and 31% moved in with their parents to save for their home. The survey also found that one in three Gen Z homeowners (33%) have struggled to pay their mortgage, and one in eight (13%) complained their mortgage is too expensive. As for being financially literate in the homebuying process, 21% of Gen Z homeowners admitted they didn’t have sufficient knowledge about the home-buying process and 38% acknowledged their homebuying information came from TikTok.

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