One in three Gen Z adults-those age 18 to 25-say that owning a home seems unrealistic on their behalf financially, based on a brand new survey fielded by Freddie Mac. That figure was up from 27% at the time of the last survey in 2022.
Among the top five hurdles Gen Zers identified were saving for a down payment (39%), not having an adequate credit history (27%), an unsound job situation (27%), student loan debt (22%) and credit card debt (11%). The survey also found that Gen Z adults were built with a preference for proudly owning over renting, with an overwhelming majority agreeing that owning a home provides more privacy (96%), is something to become happy with (95%) and enables more control and independence (92%).
