Over 40% of Gen Z thinks a second job is needed to buy their first home

A new report about the Gen Z approach to buying a first home has been released, and it’s full of some very interesting findings. From how many think they’ll be buying, to who they’ll be buying it with, and how they’ll be saving, it covers a wide range of factors. So, let’s dive in!

“Financing the Future of Canadian Housing: Generation Z Trends Report” comes from The Mustel Group and Sotheby’s International Realty Canada. Surveying over 1,500 people between the ages of 18 and 28, the report focuses on Gen Zers living in Montreal, Calgary, Toronto and Vancouver.

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Perhaps unsurprisingly, only 37% of those surveyed think they’ll be buying a home in the next 5 years. Interestingly enough, that is the same percentage of those who think they’ll co-own it- either through family (24%) or friends/others (13%).

And while ‘home’ is used, it’s unlikely it will be a detached house proper. Some 30% of respondents listed their budget at $350,000-$499,000, while 26% are ready to pay between $500,000 and $749,999. Which, by the way, just barely clears the average home price in Canada right now.

But, what’s maybe most interesting is how these purchases will be funded. A majority (67%) of respondents will be relying on personal savings to get their down payment. And to save up, the strategies range from finding a higher-paying job (51%), reducing or even ‘eliminating’ personal spending (42%), and finding a second job to help save (41%).

In a nutshell, a fair number of Gen Zers are gearing up to buy a home in the next few years, and are ready to make some serious lifestyle choices to do so. Just don’t forget to stop and smell the roses, we guess!