If you’re a young person, like part of Gen Z, you might be wondering if you’ll ever be able to buy a house. It seems like inflation, rising house prices, mortgage rates, and other factors are making it tough. But even though it's hard, it's not impossible. There are ways to make it work, especially if you have experts helping you out.
Here are some tips you might hear from a pro:
Look Into Help with Your Down Payment: If coming up with a down payment is the hardest part, there are programs out there to help. Also, nearly half of Gen Z homebuyers get financial help from family or friends. Plus, you might not need as much as you think, so it's worth checking with a mortgage expert.
Consider Living with Family or Friends to Save Money: Some Gen Z buyers are choosing to live with family or friends instead of renting. This can help you save money faster.
Expand Your Search: With fewer homes available and high prices, a pro can help you find options you might not have considered. Maybe looking outside, the city or considering different types of homes could be more affordable.
Think About Your Needs vs. Wants: Your first home doesn’t have to be perfect. You can always upgrade later. An agent can help you figure out what’s most important to you and find homes that match.
In the end, buying a home might not be easy for Gen Z, but it’s possible. With the right strategies, like getting help with your down payment and being open-minded about where you live, you can make it happen.
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