(Bloomberg)—Generation Z is eager to get on the property ladder.
Fifty-nine percent of Americans between the ages of 18 and 23 want to buy a house in the next five years, and more than half have already started saving for one, according to a survey by Bank of America Corp.
“Despite their young age, this group recognizes that buying a home is not easy and is taking a pragmatic approach,” said D. Steve Boland, head of consumer lending at Bank of America. “Gen Z’ers are also prioritizing saving over frivolous spending and making sacrifices to prove that they are willing to do whatever it takes,” including getting second jobs or moving in with their parents, he said.
Saving for a house was a more important goal than other activities, such as planning a wedding, going shopping or taking a vacation, according to the survey. While some expected to get help from their parents to buy a home, more than half of that group said they would need to pay their parents back. That compares with 40 percent of millennials, the generation born from 1978 to 1995.
To contact the reporters on this story: Lananh Nguyen in New York at [email protected]; Daniel Taub in New York at [email protected] To contact the editors responsible for this story: Michael J. Moore at [email protected] Steve Dickson
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