The dream of owning your own home is alive – but young people’s ability to make it a reality is less pronounced.

According to a new survey of 1,000 Zoomers by Clever Real Estate, nearly all Gen Z (93%) want to own a home, but the majority (60%) fear it may never happen—and 96% have concerns about the process. An overwhelming 98% of respondents said they “encounter obstacles when it comes to owning a home.”

According to Clever, the biggest concerns are financial in nature. The most common concerns were that respondents would no longer be able to afford their own home (54%), that there would be unexpected or hidden costs associated with buying a home (48%) and, in particular, that they would no longer be able to afford a mortgage (45%).

High mortgage rates and a low housing supply have created a brutal market for the younger generation of adults. Shutterstock / Asian isolated

Less significantly, Zoomers expressed dismay at not being able to get a mortgage, having to make major repairs, and seeing their home value drop after purchase.

“Currently, only 18% of Generation Z buyers say they could afford to buy a home, and few are optimistic about their future prospects,” Clever writes about the results of the “Gen Z Home Buyer Report: 2024 Edition.”

Gen Z report on homebuyers smart
Generation Z’s biggest concerns are all financial. belrync –

To make matters worse, interest rates remain high and there are few homes for sale, creating a competitive market where cash is increasingly king.

With the odds stacked against them and the desperation surrounding homeownership pervasive, a majority of Zoomers said they would make serious concessions on quality to get a title. About 56% said they would buy a home with asbestos, and 54% said they would buy one that doesn't have central air conditioning or heating.

However, for this generation, owning a home is not the most important thing of all: 51% “would prefer a permanent job” and 48% would put “building their career” above buying a home.

And despite all the fears, Generation Z’s home ownership rate is actually “ahead of other generations of the same age,” Clever noted.

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