Question of the Day: What percentage of Zoomers have goals related to homeownership?
How many young people are taking action on one of the biggest purchasing decisions they'll ever make?
Answer: 45.1%
Photo by Tierra Mallorca on Unsplash
Questions:
- Do you think you will have goals related to homeownership soon after you graduate from high school? Explain why or why not.
- Other than actually buying a house, what kind of homeownership-related goals could a young person have?
- In order to save money to buy a house, what kind of financial sacrifices would a person have to make? On the flip side, what benefits would they receive?
Behind the numbers (Rocket Mortgage):
"The most popular financial goal for 2023 stayed the same as last year, with even more Gen Zers (39.5%) aiming to increase their income.
However, a new category took second place in 2023. Having focused on their financial health the previous year, more Gen Zers are starting to prepare to buy a house, with 27.3% having the goal of saving for a home in the new year. In fact, homeownership-related goals grew from 37.3% in 2022 to 45.1% in 2023. Higher mortgage rates, rent and real estate aren’t deterring this generation – almost half of Gen Zers have homeownership goals. Those include saving for a home, buying their first home or moving out of their parent’s house.
However, while many have homeownership-related goals, 38.4% of this generation feel they lack the information or confidence to achieve them. Drilling down a little more, a quarter of Gen Zers believe they don’t have enough information specifically on buying their first home."
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NGPF's Buying a House mini unit will give you the tools to help your students start thinking about this intimidating financial milestone!
About the Author
Ryan Wood
Ryan grew up with and maintains a love for learning. He graduated from the University of Wisconsin-Green Bay with a degree in Business Administration and worked in sports marketing for a number of years. After living in Texas, Colorado, Tennessee, and Minnesota, the call of education eventually brought Ryan back to his home state of Wisconsin where he was a Business and Marketing teacher for three years. In his free time he likes to spend time with his wife and daughter, play basketball, read, and go fishing. Now with NGPF, Ryan is excited to help teachers lead the most important course their students will ever take.
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