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The millennial generation may soon have some company in the spotlight.

A recent survey by Freddie Mac reveals that Generation Z is the next generation up with high housing hopes and dreams.

This group has a more positive perception of homeownership compared to their older millennial counterparts. According to the survey, about 86 percent of them want to own a house in the future, and nearly 90 percent of those in this group believe it is at least “somewhat likely” that they will purchase a home.

Generation Z were broken into groups by age for purposes of the survey, which also revealed that:

  • They believe owning a home provides privacy, control and independence not always afforded to renters.
  • Owning a home would provide a sense of accomplishment and financial stability.
  • Fewer believe renting makes them a part of the community.

For these reasons, many Generations Zers are keeping the dream of homeownership alive and well.

And while this group feels confident about buying, home prices are still seen as a common barrier to entering the market. In short, they are ambitious but realistic about their pursuits.

Aspiring home buyers need not look any further than an FHA loan if they’re ready to move forward with their plans for homeownership.

These loans are designed to get first-time buyers fast-tracked into a home. Insured by the Federal Housing Administration, the guidelines are more flexible, such as the requirement for a modest down payment and other lenient features.

The VA home loan program offers flexible and lenient qualifying guidelines, as well.

If you’re thinking about buying your first home in the Seattle/Renton/Tacoma, please reach out to us today to learn about these exciting home loan programs. As you make plans for the future, we can help you plot your next move so you can try to achieve all your goals.

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