RSS

Why Some Gen Z-ers Are Choosing Not to Buy Homes in Halifax

Recently, while at my hairdresser's, I overheard a conversation that piqued my interest. A twenty-something client was telling her stylist that she had no desire to buy a home. What struck me was that her reasoning had nothing to do with affordability or the price of housing. For her, freedom meant having little to no responsibility. She didn't want to deal with lawn care, snow removal, or home maintenance. Instead, she preferred to spend her money on travel, a nice car, and those coveted red-bottom shoes.

I was perplexed and wanted to jump in, explaining that buying a home is an investment, a way to put money in the bank and own something of value. But I kept my thoughts to myself and decided to do some research instead.

When I got home, I was curious if this sentiment was widespread among Gen Z. Luckily, it’s not. According to RocketHomes.com, a whopping 86% of Gen Z plan to purchase a home in the next five years. Three-quarters of them are already saving for it. While millennials are often seen as the generation of perpetual renters, Generation Z seems to be bucking that trend. A Rocket Homes® survey of over 1,400 adult Gen Z members (ages 18-24) revealed that 86.2% are keen on homeownership.

Gen Zers are aware of the obstacles that might prevent them from buying a home, but they remain determined. Interestingly, the biggest challenge may be their unrealistic expectations. The survey found no significant difference between the younger and older members of the generation in their desire for homeownership. Both groups, ages 18-21 and 22-24, expressed a strong desire to own homes soon.

However, there is a slight variation when it comes to those planning to buy a home in the next decade. While 28.5% of all Gen Z respondents plan to purchase a home in the next 10 years, younger Gen Zers are 6% more likely to aim for this time frame.

Despite their enthusiasm, some Gen Zers are just beginning to consider homeownership. Only 7.2% plan to buy a home in the next 15 years, and 19.7% are interested in buying a home but don’t have immediate plans.

The desire to purchase a home for Gen Zers mainly comes from wanting to start a family (27.2%), having the freedom to do what they want with their home (25.5%), and building wealth (13.2%). Even those who said they don’t want to buy a home often cited financial constraints as the main reason—40% of them don’t think they’ll have enough money.

So, the question is, can Gen Z afford a home in Halifax? The average Gen Zer in Canada makes roughly $45,000. Is homeownership in Halifax within reach? Maybe. A mobile home priced up to $150,000 could be doable at this income level. Another option could be pooling resources with like-minded friends to afford a single-family home. I've seen this happen several times over the years. Why pay rent when you could afford a down payment? Buy a home, stay for five years, then sell and split the revenue. It’s not an ideal situation, but at least you’re building equity.

Read
Categories:   Generation Z | Halifax real estate | home buying challenges | , Halifax home prices | , Halifax property insights | 1-Halifax Central, Halifax-Dartmouth Real Estate | 10-Dartmouth Downtown to Burnsid, Halifax-Dartmouth Real Estate | 104-Truro / Bible Hill, Northern Region Real Estate | 105-East Hants/Colchester West, Halifax-Dartmouth Real Estate | 108-Rural Pictou County, Northern Region Real Estate | 11-Dartmouth Woodside, Eastern P, Halifax-Dartmouth Real Estate | 14-Dartmouth Montebello, Port Wa, Halifax-Dartmouth Real Estate | 15-Forest Hills, Halifax-Dartmouth Real Estate | 16-Colby Area, Halifax-Dartmouth Real Estate | 17-Woodlawn, Portland Estates, N, Halifax-Dartmouth Real Estate | 2-Halifax South, Halifax-Dartmouth Real Estate | 20-Bedford, Halifax-Dartmouth Real Estate | 2024 real estate trends | 21-Kingswood, Haliburton Hills,, Halifax-Dartmouth Real Estate | 25-Sackville, Halifax-Dartmouth Real Estate | 26-Beaverbank, Upper Sackville, Halifax-Dartmouth Real Estate | 30-Waverley, Fall River, Oakfiel, Halifax-Dartmouth Real Estate | 303-Guysborough County, Highland Region Real Estate | 31-Lawrencetown, Lake Echo, Port, Halifax-Dartmouth Real Estate | 35-Halifax County East, Halifax-Dartmouth Real Estate | 4-Halifax West, Halifax-Dartmouth Real Estate | 40-Timberlea, Prospect, St. Marg, Halifax-Dartmouth Real Estate | 405-Lunenburg County, South Shore Real Estate | 406-Queens County, South Shore Real Estate | 5-Fairmount, Clayton Park, Rocki, Halifax-Dartmouth Real Estate | 6-Fairview, Halifax-Dartmouth Real Estate | 7-Spryfield, Halifax-Dartmouth Real Estate | 8-Armdale/Purcell's Cove/Herring, Halifax-Dartmouth Real Estate | 9-Harrietsfield, Sambr And Halib, Halifax-Dartmouth Real Estate | accelerator fund | Affordable Homes Halifax | agent contracts | Annapolis County, Annapolis Valley Real Estate | authentic pricing strategies | Average home prices Halifax | avoiding buyer fatigue | Bob Barker wisdom | buyer and seller real estate guide | buyer behavior | buyer trends Halifax | Buying a home in Fall River | buying a home in Halifax | Canadian Guidelines | Canadian property values and tariffs | Canadian real estate insights | Donald Trump | Elections | expired listings | Fall River | Fall River, NS | First Time Home Buyer Halifax | funny real estate insights | Gen Z homeownership | Gen Z housing trends | Halifax home sales | Halifax home selling tips | Halifax homes | Halifax housing data | Halifax housing market | Halifax housing trends | Halifax market analysis | Halifax new homes market | Halifax property market | Halifax Property Prices | Halifax real estate | halifax real estate market | Halifax real estate statistics | Halifax Real Estate Update 2024 | Halifax, NS | Hants County, Annapolis Valley Real Estate | Health and Safety | home building | Home Buying Tips Halifax | home improvement | home investment returns | home safety | housing market analysis | June 2024 sales trends | Kings County, Annapolis Valley Real Estate | Liberals | listing withdrawal | luxury homes Halifax | luxury market Halifax | March 2024 Home Sales | market value honesty | Milli Vanilli in real estate | MLS listing | new construction Halifax | Nova Scotia Government | Nova Scotia housing market update | Nova Scotia new homes | NSAR Stats | October 2024 real estate | PC | post-pandemic real estate | pricing homes correctly | property trends Halifax | radon awareness | radon mitigation | Radon Testing | real estate | real estate investment Halifax | Real estate market insights | real estate market trends 2024 | Real Estate Market Trends Halifax | real estate rockstars | Real Estate Stats | real estate tips | real estate trends | Rocket Homes survey | safe homes | Sandra Pike real estate advice | seller's dilemma | selling Covid-era homes | Selling Homes in Halifax | Seniors in Halifax | setting the right price | Susan Powter real estate | tariffs and housing prices | The Pike Group insights | Tim Houston | top agent Halifax | Top Halifax builders | top realtor halifax | understanding property value fluctuations | zoning changes

More Articles

Should a seller mitigate radon after a home inspection?Our sellers won’t be and here’s why.

Should a seller mitigate radon after a home inspection?Our sellers won’t be and here’s why.

Discover why our seller will not remediate radon results. Learn about Canadian radon guidelines, the importance of long-term testing, ...

READ POST
Buy High  Sell Low It Is a thing

Buy High  Sell Low It Is a thing

Discover selling Covid-purchased homes with Sandra Pike of The Pike Group. Gain insights on market adjustments and maximize investments ...

READ POST
OMG it SOLD in DAYS OVER ASKING

OMG it SOLD in DAYS OVER ASKING

Dive into the humorous take on pricing homes right. Navigate between rockstar status and market realities, blending Bob Barker's wisdom ...

READ POST

Copyright © 2023 Pike Group. All rights reserved. Designed by Zinda Web Agency.

"The trademarks MLS®, Multiple Listing Service® and the associated logos are owned by The Canadian Real Estate Association (CREA) and identify the quality of services provided by real estate professionals who are members of CREA. The information contained on this site is based in whole or in part on information that is provided by members of The Canadian Real Estate Association, who are responsible for its accuracy. CREA reproduces and distributes this information as a service for its members and assumes no responsibility for its accuracy.
MLS®, Multiple Listing Service®, REALTOR®, REALTORS®, and the associated logos are trademarks of The Canadian Real Estate Association.