What's Hot: Douglas Development Files PUD For Large Warehouse At New City Site Along New York Avenue
60% of Young Adults Will Use Pandemic Savings for a Down Payment
✉️ Want to forward this article? Click here.
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 below
loading...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
![First-Timer Primer: Tax Relief for DC Homeowners](https://assets.urbanturf.com/dc/images/blog/2013/02/Homestead_Exemption_280.jpg)
When you buy a home in the District, you will have to pay property taxes along with y... read »
![A 127-Unit Luxury Condo Building In The Works For Downtown DC](https://assets.urbanturf.com/dc/images/blog/2024/07/resized/950%203rd%20Street%20Dusk%20EXT_image_560x420.jpg)
The largest condominium building in downtown DC in recent memory is currently under c... read »
![HPO Recommends Approval For 160-Unit Office-To-Residential Conversion in Dupont Circle](https://assets.urbanturf.com/dc/images/blog/2024/06/resized/1201-Conn_image_560x420.jpg)
The plan to convert a Dupont Circle office building into a residential development ap... read »
![Beautifully Constructed Condominium in The Bridge District is Now 50% Sold](https://assets.urbanturf.com/dc/images/blog/2024/07/Riviere%20article/resized/2305%20Nicholson%20St%20SE%20405-0003_image_560x420.jpg)
The Rivière includes just 20 homes located on the eastern banks of the Anacostia Riv... read »
![Monday's Must Reads](https://assets.urbanturf.com/dc/images/blog/2024/07/resized/bubble_image_560x420.jpg)
Why Tyra Banks is serving ice cream in DC; a bike shop/record store opens in Adams Mo... read »
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. Start browsing below!
First-Timer Primers
Intro guides for first-time home buyers
Unique Spaces
Awesome and unusual real estate from across the DC Metro