AJ Barkley: May 21, 2019

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BANK OF AMERICA REPORT FINDS GEN Z GOT THE MEMO: OWNING A HOME IS WORTH IT

AJ Barkley, SVP

Neighborhood Lending Executive, Consumer Lending at Bank of America

The 2019 Homebuyer Insights Report found that the youngest generation of homebuyers is not dragging their feet, as nearly 60 percent of prospective Gen Z homebuyers between the ages of 18 and 23 want to buy within the next five years, meaning they would own a home before the age of 30. In fact, more than half have already started saving, showing their commitment to this goal, and 71 percent say they know what they want in a home.

AJ Barkley is available to discuss:

• Homeownership outlook for Gen Z and key homebuying trends
• The biggest hurdles low-to moderate-income and first-time buyers face when purchasing a home
• The resources available to help first-time homebuyers
• Her experiences working with low-to moderate-income buyers

Spring 2019 Homebuyer Insights Report key findings:

• While prospective Gen Z buyers identify saving for a down payment and closing costs (66 percent) as the top barrier to buying, they see it as less of a challenge than other generations do (vs. 69 percent of millennials, 72 percent of Gen Xers, and 74 percent of baby boomers).
  • Covering the monthly costs of owning (58 percent) and – more so than any other generation – lacking knowledge about where to start (52 percent) are also considered barriers to homeownership by Gen Z.
• Despite potential barriers, nearly all (94 percent) prospective Gen Z homebuyers are willing to make intentional sacrifices to achieve their goal, including:
  • Nearly half are willing to get a second job (vs. 38 percent of millennials)
  • Thirty-four percent are willing to attend a university that will leave them with less student loan debt (vs. 15 percent of millennials).
  • Thirty-two percent are willing to move in with parents or in-laws (vs. 23 percent of millennials).
• Gen Z’s dreams of homeownership make sense given that most current homeowners (93 percent) agree that owning a home is worth the challenges.

Bank of America’s $5 billion commitment to affordable homeownership: Bank of America recently announced a new $5 billion affordable homeownership initiative for low- to moderate-income homebuyers and communities across the country. This will help more than 20,000 individuals and families thrive through the power of homeownership.

MORE ABOUT AJ BARKLEY:

AJ Barkley is the Neighborhood Lending Executive for Bank of America, responsible for identifying opportunities to drive successful homeownership among low-to moderate-income borrowers, underserved communities, and multicultural borrowers across the economic spectrum.