“We’re pleased to present the findings from our spring 2019 Bank of America Homebuyer Insights Report, which explores the attitudes, preferences and behaviors of the modern homebuyer. For the first time, our findings shed light on the youngest generation of homebuyers, Gen Z, who are between 18 and 23 years old.” So said D. Steve Boland, Head of Consumer Lending, for the Bank of America (BOA).
The BOA provided MHProNews and others in media with their research that should spell opportunities for manufactured housing professionals who sift through the details and imagine how they can reach out to these various generations of housing shoppers. Concentrix Analytics conducted an online survey on behalf of Bank of America between January 30 and February 21, 2019.
What do you make of those other research reports about people preferring to rent than own? When one digs into those, they often indicate that their real reason is that they don’t believe that they can become a homeowner. So, they are making the best of renting as a result. As MHProNews has previously reported, it is common for research studies to indicate that some 80 percent (+/-) of those renting would prefer to own then rent.
“Despite their young age, this group recognizes that buying a home is not easy and is taking a pragmatic approach to achieve their goal. They are asking for financial help from parents and other family, but that help is not necessarily a gift, as more than half of Gen Z think they will need to pay their parents back,” per Boland’s media statement.
“Gen Zers are also prioritizing saving over frivolous spending and making sacrifices to prove that they are willing to do whatever it takes to own a home,” the BOA executive stated. “In fact, nearly half are willing to get a second job and close to a third are willing to move in with parents or in-laws to save for their goal.”
Boland added that, “These young aspiring buyers likely got the memo about the benefits of this milestone from current homeowners, who almost unanimously agree that owning a home is worth the challenges. Current homeowners are also more satisfied with where they live, their financial well-being and life overall than those who don’t own.”
That’s your final healthy dose today of addictive and useful business insights, found only here on MHProNews — your home for “News Through the Lens of Manufactured Homes and Factory-Built Housing,” © where “We Provide, You Decide.” © ## (News, analysis, and commentary.)
Soheyla is a managing member of LifeStyle Factory Homes, LLC, the parent company to MHProNews, and MHLivingNews.com. Connect with us on LinkedIn here and here.
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