Mortgage Mom Radio airs weekly focusing on topics that will educate our listeners around mortgage lending. Today we revisited 2019’s FHA and VA loan workshop, stopping it along the way to cover what has changed since just last year.
The Future of Homeownership
In a recent survey involving more than 100 economists, Zillow found that housing experts share the opinion that Generation Z is likely to become homeowners at a higher rate than millennials. Millennials are currently in the prime years for purchasing a first home, and yet homeownership among the group has fallen. Gen Z is currently 23 and younger, but in 15 years when they reach the age millennials are now, 45% of the economists polled believe over 60% of them will be homeowners.
One of the reasons for the increase in homeownership is that the inventory crisis that makes it challenging for current buyers to afford a home is expected to resolve itself. In addition, economists believe that Gen Zers will be more likely to live in affordable areas versus the millennial generation who are drawn to expensive urban neighborhoods.
Another contributing factor is that Gen Z is expected to enter the job market during an upswing in the economic cycle, although time will tell how the current pandemic will impact the economy long term. Millennials were coming out of college and entering the workforce right as the economy went into recession, creating income-related hurdles and career challenges.
A recent study of Gen Z found that the majority of the Gen Z members polled prefer to move to diverse communities and want features like backyards with decks or patios for outdoor entertaining, open floor plans, garages, and hardwood flooring. Though members of this generation are digital natives, only 17% of respondents indicated that smart-home technology was an important feature for them. Forty-six percent, nearly half of all respondents, said they want a single-family home, while only 7% want a townhome, 5% want a multi-family unit, and 5% want a condo.
Despite being better connected than previous generations, Gen Z is often referred to as the loneliest generation. It comes as no surprise then that one of their top priorities for a home is having entertaining spaces both inside and outside the home. They want large outdoor spaces for spending time with friends and family as well as open floor plans to optimize the space in their homes.
If you have any questions regarding home loan rates or products, give me a call. I’m always happy to help.
We are LIVE on YouTube every Wednesday at 5 PM. Watch us record our show! Ask us your questions right in the feed, we’ll read those and answer them for you. Make sure to subscribe to our channel and turn on your notifications to know when we get started.
Mortgage Mom Radio equips you with all of the mortgage education that you could ask for right at your fingertips! Listen to our Podcast with hours of shows and topics, download our PHONE APP loaded with every mortgage tool that you could need, and last but not least, watch our weekly Homebuyer Workshop Series on YouTube! Mortgage Mom Radio
How do you schedule a phone appointment with mom? Call our office, 844-935-3634. Get your free consultation today! Do you want our phone app to have the tools you need at your fingertips? Click the link: PHONE APP
Debbie Marcoux is licensed by the Department of Business Oversight under the California Residential Mortgage Lending Act, NMLS ID 237926, also licensed in AZ-0941504, GA-69178, IL-031.0058339, NV-57237, OR, TN-184373, TX, WA-MLO-237926 | Heidi Slagle-Points CA NMLS ID 1666881