Well folks, if you happen to be Gen Z or have a sibling, cousin, or even a child who falls into that generation we have some news. And while it’s a little disheartening it’s honestly not too surprising. Basically, Gen Z has to save for almost 20 years to afford just the down payment on a Seattle home.
This study comes from Point2Homes and took a look at the 100 largest cities in the US. And when it comes to down payments for Gen Z, the timeline ranged from 4-93.4 years with buyers saving 17% of their income. And as you probably know, the hardship for younger buyers is a combo of inflation and lower-paid jobs.
Along with this, housing markets in many major US cities are booming. So if you’re young and you plan on staying here, get prepared to save for 18 years just for the down payment on your house. And with the pandemic’s economic impacts, who knows how many years that adds. But the good news is that there are actually some pretty affordable cities in the country.
If you’d like to see more of the point2Homes study you can click here. It’s definitely well worth a look through as some of the data might surprise you. Like the fact that Millenials are actually the most equipped to buy. Huh, we certainly missed the memo on that one…
But with all of this in mind, just remember very few people are buying homes that are between the ages of 18-24. So do with that what you will and if you’re a Seattle homeowner, consider yourself lucky!JTNDZGl2JTIwaWQlM0QlMjJtb2JpbGUtYWQtb25seSUyMiUzRSUwQSUzQyUyMS0tJTIwU2VhdHRsZSUyMC0lMjBNb2JpbGUlMjAtLSUzRSUwQSUzQ2lucyUyMGNsYXNzJTNEJTIyYWRzYnlnb29nbGUlMjIlMEElMjAlMjAlMjAlMjAlMjBzdHlsZSUzRCUyMmRpc3BsYXklM0FibG9jayUzQndpZHRoJTNBMzIwcHglM0JoZWlnaHQlM0E1MHB4JTNCJTIyJTBBJTIwJTIwJTIwJTIwJTIwZGF0YS1hZC1jbGllbnQlM0QlMjJjYS1wdWItNTUyMTg1Njk1NTQ5NzQ1NiUyMiUwQSUyMCUyMCUyMCUyMCUyMGRhdGEtYWQtc2xvdCUzRCUyMjE2MjcxNzI5NDclMjIlM0UlM0MlMkZpbnMlM0UlMEElM0MlMkZkaXYlM0U=