Millennials, Gen Z, and Gen X cite accumulating a down payment as the key barrier to homeownership. Boomers say it’s the hot housing market.
TORONTO, ONTARIO, CANADA, May 24, 2022 /EINPresswire.com/ — Do millennials and Gen Z’s feel priced out of the housing market? Are boomers facing the same challenges as the rest of the population?
In a new survey released by Zolo, one of Canada’s most popular real estate marketplaces, more than 3,000 prospective homebuyers shared their feelings about the current housing market and how it will impact their home-buying plans in 2022.
The results highlight generational differences in the barriers to homeownership and the fact that home buying anxiety runs high, with 42% of homebuyers worrying that they’ll never be able to afford a home.
– Gen Z, millennials, and Gen X all struggle to save a down payment, with 32%, 29%, and 28%, respectively, saying coming up with the cash is the most significant barrier to homeownership
– 28% of baby boomers, on the other hand, cite a competitive housing market as their primary challenge
– Home buying anxiety was rampant among respondents, with 68% reporting they are worried about inflation impacting their ability to buy a home
*Home Buying Anxiety Runs Hot
It’s no question that the ongoing pandemic had a big impact on housing prices in North America, and homebuyers are feeling the pinch. About 28% of respondents feel at least somewhat negative about the current real estate market. Although homebuyers are still hopeful about entering the market, 33% of respondents don’t think they can afford to buy in 2022.
*68% of Millennials Would Accept Financial Support from a Friend or Relative
With housing prices rising, more and more North Americans turn to families to boost their down payments. Most younger respondents favour accepting financial support from a friend or relative to buy a home. However, that number dwindles for older respondents.
– 74% of Gen Z said they would accept financial support
– 68% of millennials
– 62% of Gen X
– 49% of baby boomers
*Homebuyers Still Consider Real Estate a Good Value
Despite high anxiety and pessimism about affordability, 87% of respondents said they think a home is a good investment, and 82% think home prices will continue to rise in 2022.
Zolo is one of Canada’s most popular national real estate marketplaces. Each month, over 10 million home shoppers use Zolo to level up how they buy, sell, rent, finance and learn about real estate.