Connect with us

Buzz

Can Gen Z beat the US housing market to become homeowners by 25?

Editor

Published

on

[ad_1]







Photo: Robert Clark

Gen Z has some lofty goals about homeownership, but unlike previous American generations, they’re putting their money where their mouth is, according to a recent Realtor.com survey.

Those Gen Z-ers (18 to 24 years old) interested in homeownership are two times more likely than previous generations to be saving for a home by age 25 — and about half of Gen Z-ers plan to be homeowners by that age.

“Gen Z-ers don’t just want to become homeowners, they want to do it at a younger age and we found that they’re saving or planning to save for it accordingly,” said Realtor.com chief economist Danielle Hale in a statement.

The fervor of Gen-Z’s views about homeownership and their ambition mirrors Millennials in most respects, but there are some areas where they diverge.

Some 79 percent of Gen Z-ers are sure they want to buy a home, or already own one, compared to 82 percent for both Millennials and Gen X.

But Gen Z-ers who answered “yes” or “maybe” to desiring homeownership are more than twice as likely to have started or plan to start saving for a home before age 25 (74 percent), compared to what Millennials (33 percent) and Gen X-ers (33 percent) actually reported accomplishing.

A larger share of Gen Z-ers may be interested in pursuing homeownership “sometime in the future” (17 percent), compared to Millennials (13 percent) and Gen X-ers (11 percent).

Gen-Zers are also the least likely generation to become a homeowner solely for investment purposes (29 percent). Rather, they cite wanting to customize their living space (61 percent) as the top reason for homeownership, and are tied with Millennials for wanting to raise a family in a home (55 percent).

Overall, only 4 percent of Gen Z-ers are sure that they don’t want to own a home, on par with Millennials (5 percent) and Gen X (6 percent).

“Their desire for homeownership may be similar to that of Millennials and Gen X-ers, but graduating into one of the best labor markets in generations might give them the boost they need. Only time will tell if Gen Z-ers are able to achieve their ambitious goals,” says Hale.

The insights are the result of a recent Realtor.com survey conducted in conjunction with Harris Interactive, which included responses from 3,372 Americans across Generation X (ages 35 to 50), Millennials (ages 25 to 34) and Generation Z, to better understand the generational differences in relation to homeownership and aspirations.

[ad_2]

Source link

قالب وردپرس

Buzz

New home? Prepare for the unexpected

Editor

Published

on

By

(NC) Buying a house, getting married or having your first baby are all major life events that are likely to affect your finances. But whether you’re in the midst of a major life event or not, it’s important to check in on your finances regularly to maintain good financial health.

Your financial health encompasses things like your spending, savings, borrowing and future financial plans. It also means dedicating a set amount of savings for unexpected future events. It can even include optional credit protection insurance, such as TD protection plans, to help cover your debt balances in case of death, a covered critical illness or total disability.

Even though it can be tough to think about the unexpected, life is unpredictable and it’s important to plan for the unexpected. Find more information at td.com.

Continue Reading

Buzz

Mortgage pitfalls to avoid

Editor

Published

on

By

(NC) Throughout life, you may have moments where you’ll make a large purchase or invest in a costly item, like your family home. But whether you’re in the market for your first new property or already have a mortgage, leaving this asset unprotected can be costly.   

Insuring your housing financial debt, as well as debt for other big-ticket items like a new boat for your lakefront cottage or keepsake jewelry like an engagement ring, is a smart investment in your well-being.

To help protect your debt balances like a mortgage, your bank may have optional credit protection insurance products.

“Your home is one of your biggest assets, yet illness can happen at any stage of life. Worrying about your mortgage when the focus should be on health isn’t a situation anyone would wish for,” explains Shirley Malloy, vice president at TD. “Fortunately, we offer mortgage protection to provide coverage for your outstanding balance should you face a covered critical health event.”

Mortgage protection can be purchased whether you’re in the process of applying for a mortgage or already have a home financing solution. But what about protection options for credit card debt?

“Given the unprecedented circumstances of this year, many Canadians are trying to plan for the unexpected to protect themselves and their finances,” says Malloy. “TD balance protection plus is an optional product designed to help you deal with your credit card payment obligations in the event of a covered event, such as loss of employment.”

Continue Reading

Buzz

Is your internet too slow? It’s probably not you

Editor

Published

on

By

(NC) We all know the aggravation of a school lesson that just won’t stop freezing or the family video call that looks more like a photo montage. And, as we adjust to the impact of COVID-19 on our day-to-day, that slow connection can have frustrating consequences.

Working from home and learning remotely, both need fast, stable internet, something not enough Canadians have yet. Even if you have fast devices in your home, if the infrastructure in your area is not optimal, your connection won’t be either.

Right now, cities have the infrastructure needed to ensure access. But rural and remote communities are hugely underserved, with fewer than half having high-speed internet, and fewer than a third of households on reservations have high-speed connections.

Fortunately, change is coming. The Universal Broadband Fund is backing projects across Canada right now to ensure the reliable, high-speed internet connections families need to work, study, access services online, and safely stay in touch with each other.

The fund existed before COVID, but as a response to the pandemic, its timetable has been moved up by four years to a target of 98 per cent of Canadians with high-speed internet access by 2026. With the faster pace, at least 90 per cent of us should be connected by the end of 2021.

The fund is focused on improvements in rural and remote communities across Canada to fix the disconnect between internet access for urban and rural households.  This means more remote work opportunities, better access to remote learning and safer access to healthcare, no matter where you live.

It’s not just for good connections at home, either. The improvements mean much better access to mobile networks on highways between remote communities. The result is better, safer navigation and access to emergency services for your family, even on the road in the middle of nowhere. Mobile projects will be focused on serving Indigenous communities and the roads leading to them.

The shape these improvements will take in your area will depend on where you live. Canada is huge, and its communities are hugely diverse, with diverse needs. Keep an eye out for local projects — they’re a small part of something much bigger.

Continue Reading

Chat

Trending