Gen Z and Millennials Making Waves in the Housing Market

Dreaming of owning a home? At BankSouth Mortgage, we believe in your vision. Despite market challenges, countless Gen Z and Millennials are turning their dreams into reality. Keep reading to discover the latest trends and practical tips that will help you achieve your homeownership goals with confidence.

Gen Z Homebuyers: The Emerging Market Movers

Making Their Mark: Gen Z, born between 1997 and 2012, is starting to enter the housing market in noticeable numbers. Although they currently make up 4% of all homebuyers, their presence is growing steadily. ¹

Affordable Markets: These young buyers are flocking to affordable cities like Virginia Beach, Cincinnati, and Detroit, where median home prices hover around $255,000 or less. These markets offer a sweet spot of affordability and opportunity. ¹

Financial Strategies: Gen Zers are financially savvy. About 53% are boosting their savings through side hustles, and 30% are moving directly from family homes into their own, bypassing the rental phase entirely. ¹

Millennial Homebuyers: Driving the Market Forward

Rising Homeownership Rates: Millennials, born between 1981 and 1996, make up the largest group of homebuyers today. Their homeownership rate rose to 54.8% in 2023, up from 52% in 2022. This growth highlights their determination and resilience in navigating the housing market.²

Overcoming Challenges: Millennials are moving forward despite high mortgage rates and steep home prices. For them, homeownership is a key part of the American dream, and they’re navigating the complexities with determination. ³

Persistent Effort: Millennials are known for their persistence. They often work with multiple real estate agents and mortgage lenders, making several offers before successfully securing their dream home.³

Insider Tips for Young Homebuyers

1. Leverage Technology: Use digital tools to streamline your homebuying process. At BankSouth Mortgage, we offer ReadyClose, a hybrid e-closing process that saves you time and reduces stress.
2. Explore Financial Assistance: Investigate state and local programs offering down payment assistance and other financial aids for first-time homebuyers.¹
3. Stay Flexible: Broaden your home search to include more affordable areas or different types of properties, such as condos or townhomes.¹
4. Stay Informed: Keep yourself updated with market trends and mortgage rates. Knowledge is power, and being informed can help you make smarter decisions.

Simplify Your Homebuying Journey

At BankSouth Mortgage, we understand the unique challenges faced by Gen Z and Millennial homebuyers. Our mission is to make the homebuying process as seamless and enjoyable as possible. Here’s how we do it:

Personalized Service: We offer personalized services tailored to your unique needs, ensuring you get the best possible experience.

Local Expertise: With branches across Georgia, our local knowledge helps you find the perfect home in your desired area.

Innovative Solutions: Our ReadyLoan digital platform streamlines the entire homebuying process. With ReadyLoan, you can apply for a mortgage, track your loan progress, and securely submit, review, and e-sign documents, all from the comfort of your home. We offer a variety of programs to assist buyers at all stages of their homebuying journey.

Ready to take the next step? Join the BankSouth Mortgage family today and let us help you finance your dream home. You can count on us to guide you through every step of the process with ease and confidence.

Citations: [1] Bankrate | [2] Carrier Management | [3] Bounteous

Additional Sources: Redfin | BAM