What's Hot: The 2,600 Units in Progress, and 500 Units on Hold, in Rosslyn | Do Three Months of Rising Home Sales Mean The Market is Turning a Corner?
60% of Young Adults Will Use Pandemic Savings for a Down Payment
The results of a recent Zillow survey are confirming what a report predicted earlier this year: that millennials and Gen Z are gearing up toward homeownership.
Sixty percent of millennials (aged 27-41) and Gen Zers (aged 18-26) who were able to save during the pandemic plan to use that money toward a down payment on a home, according to the survey results. This was the second most common response after using the money for everyday expenses.
Almost three million adults moved back in with their parents during the pandemic, and although employment dropped sharply for women and people of color, those who were fortunate to remain employed used the opportunity to save. In fact, 83% of the more than 1,200 young adults who participated in the survey reported that they had saved money in at least one spending category.
story continues belowloading...
story continues above
As far as where these young prospective homebuyers would like to live, about 44% indicated a preference for buying in a remote area, compared to 36% who indicated a preference for buying in a big city; the remaining 20% have no preference. Just over 60% consider it very or extremely important that they buy somewhere close to their job or that can offer a short work commute.
Previous Zillow research notes that the median age of first-time homebuyers was 34 in 2019, and that 46 million U.S. residents will turn 34 some time in the next decade, which would be the largest 10-year wave of aging into homebuying years ever recorded.
See other articles related to: first-time buyers, generation z, home buying, homebuying, millennials, zillow
This article originally published at https://dc.urbanturf.com/articles/blog/59-of-adults-18-41-years-old-will-use-pandemic-savings-for-a-down-payment/18445.
Most Popular... This Week • Last 30 Days • Ever
New renderings show the public space that will be part of the huge new residential de... read »
Several large projects are in the works across the Potomac in Rosslyn while others ha... read »
As Los Angeles looks to implement a "mansion tax" on April 1, UrbanTurf decided to ta... read »
In this week's edition of Above Asking, we highlight a home in Mount Pleasant that so... read »
The 2023 Home Buyers and Sellers Generational Trends report out today found that bab... read »
At an ANC 4A meeting on Tuesday night, representatives from Whole Foods said that the... read »
While homeowners must typically appeal by April 1st, new owners can also appeal.... read »
The application has been filed for the American City Diner along Connecticut Avenue i... read »
The 650,000 square-foot project, designed by Adjaye Associates and Hickok Cole, will ... read »
The largest development on the boards for the H Street Corridor is planned for a fami... read »
With this weekend's DC houseboat tour a day away, UrbanTurf thought it only fitting t... read »
President Obama travels to Denver this morning to sign the stimulus bill that has bee... read »
In this week's installment of Ask An Agent, a reader wonders if there is a rule for h... read »
As The Wharf prepares to begin construction, DC's houseboat community heads to its ne... read »
In this week's installment of Ask An Agent, a reader asks a fairly common question th... read »
- New Renderings Show Retail Plaza, Park at 435-Unit Takoma Metro Development
- The 2,600 Units in Progress, and 500 Units on Hold, in Rosslyn
- A Closer Look at the Mansion Tax
- 12 Offers, $273,000 Above Asking in Mount Pleasant
- Baby Boomers Pass Millennials As Largest Generation of Homebuyers, Per Report
- Whole Foods at Walter Reed To Open This Summer
- How to Appeal Your DC Property Tax Assessment
- Raze Application May Spell The End For One of DC's Last Diner Buildings
- A First Look at the Five-Building Centerpiece of the St. Elizabeth's Redevelopment
- 200-Unit Apartment Project Planned For Autozone Site Along the H Street Corridor
DC Real Estate Guides
Short guides to navigating the DC-area real estate market
We've collected all our helpful guides for buying, selling and renting in and around Washington, DC in one place. Visit guides.urbanturf.com or start browsing below!
Intro guides for first-time home buyers
Awesome and unusual real estate from across the DC Metro