OVER HALF OF GEN Z IS SAVING TO BUY A HOME BEFORE AGE 30

According to a Bank of America survey, 59% of Americans aged 18 to 23 want to buy a house within the next five years, and more than half – 52% - are already saving up for a home.
Respondents considered saving for a house more important than other life goals or financial benchmarks, including planning a wedding, going shopping, or taking a vacation. Some expected to get help from their parents to buy a home, but more than half of that group said that they would need to pay their parents back.
“Despite their young age, this group recognizes that buying a home is not easy and is taking a pragmatic approach,” said D. Steve Boland, head of consumer lending at Bank of America. “Gen Z’ers are also prioritizing saving over frivolous spending and making sacrifices to prove that they are willing to do whatever it takes,” including getting second jobs or moving in with their parents, he said.

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