Apr 11, 2023

Question of the Day: What percentage of Zoomers have goals related to homeownership?

How many young people are taking action on one of the biggest purchasing decisions they'll ever make?

Answer: 45.1% 

Photo by Tierra Mallorca on Unsplash

 

Questions:

  • Do you think you will have goals related to homeownership soon after you graduate from high school? Explain why or why not.
  • Other than actually buying a house, what kind of homeownership-related goals could a young person have?
  • In order to save money to buy a house, what kind of financial sacrifices would a person have to make? On the flip side, what benefits would they receive?

 

Click here for the ready-to-go slides for this Question of the Day that you can use in your classroom.

 

Behind the numbers (Rocket Mortgage):

"The most popular financial goal for 2023 stayed the same as last year, with even more Gen Zers (39.5%) aiming to increase their income.

However, a new category took second place in 2023. Having focused on their financial health the previous year, more Gen Zers are starting to prepare to buy a house, with 27.3% having the goal of saving for a home in the new year. In fact, homeownership-related goals grew from 37.3% in 2022 to 45.1% in 2023. Higher mortgage rates, rent and real estate aren’t deterring this generation – almost half of Gen Zers have homeownership goals. Those include saving for a home, buying their first home or moving out of their parent’s house.

However, while many have homeownership-related goals, 38.4% of this generation feel they lack the information or confidence to achieve them. Drilling down a little more, a quarter of Gen Zers believe they don’t have enough information specifically on buying their first home."

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NGPF's Buying a House mini unit will give you the tools to help your students start thinking about this intimidating financial milestone!

 

About the Author

Ryan Wood

Ryan is the Partnerships and Adoption Manager for Next Gen Personal Finance’s midwest region. He brings his experience as a former teacher, curriculum designer, and sales and marketing professional to state organizations and school districts in supporting the implementation of their personal financial education efforts. He graduated from the University of Wisconsin-Green Bay and earned his teaching credential from Saint Mary’s University in Winona, Minnesota. He proudly taught at two rural high schools in Wisconsin before transitioning to curriculum design at NGPF, and is now excited to be on the front lines in delivering the best possible financial education in the midwest. He and his wife have three beautiful daughters, each of which inspire him to share the impact of being sound financial stewards both at home and as lifelong learners.

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