The economic and housing conditions have significantly shifted home buying patterns in the past year, raising questions about the attitudes of future homebuyers towards homeownership. The National Association of REALTORS® (NAR) reported an 8% decrease in homeownership in 2022, but 70% of Younger Millennials (aged 24 to 32 years) still managed to buy their first home. However, numerous obstacles stand in their way, including student loans, car loans, and credit card debt reflected in debt-to-income ratios, low credit scores, poor financial literacy, and insufficient savings.
To better understand the financial habits of future homebuyers, FinLocker partnered with the American Marketing Association’s student group at the University of Southern California to survey Gen Z consumers. We first ran the survey in 2022 with a different group of USC students, so this report also compares data from both years to see if attitudes have changed as the economic factors are different in 2023.
The survey was designed to determine:
- How the next generation of homebuyers manages their personal finances.
- What resources they use to learn about personal finance?
- What are their short-term and long-term financial goals?
- How will they determine when they are ready to buy a home?
Click here to obtain a copy of the 2022 survey report, The Financial Habits of Future Homebuyers.
