Stable employment and building a career are among goals Black Gen Zers prioritize over home ownership.
Like many Americans, Black Generation Zers would like to own homes, but the problem remains that they plainly cannot afford them.
Almost all Black Gen Zers who don’t own a home cite expensive homes (38%), high interest rates (29%), and saving for a down payment (27%) as top common barriers for homeownership.
Roughly 64% of Black Gen Z homeowners express regrets, with 37% reporting they didn’t have enough knowledge about the home-buying process. Nearly 92% of Black Gen Z non-homeowners say owning a home is important. However, 96% prioritize other goals over homeownership. Those goals include stable employment (47%), building a career (49%), and starting a family (37%).
Dunaway-Seale reflected on how overcoming the affordability barrier is challenging.
“Many Gen Zers will have to consider radical life choices to begin to save for a home, such as living with their parents for a long period even after starting their career, living in small apartments, living in more rural and lower cost of living areas, and living with roommates.”
Check out more details and perspectives from the report here.
Source: Black Enterprise
