Despite Their Youth, Gen Zers Are Already Eyeing Homeownership
Despite Their Youth, Gen Zers Are Already Eyeing Homeownership
According to a recent study from Bank of America, nearly 60% of Gen Zers say they want to buy a house in the next five years. More than half are already saving up to make it happen. For most, the down payment and closing costs remain the biggest hurdle. Starting early gives this cohort time to save strategically without drastic lifestyle changes. Is homeownership in your five-year plan? Here are eight creative ways to kickstart your savings:
1. Ask for Wedding Gift Donations
Skip traditional registry items and use platforms like Feather the Nest, Honeyfund, or Zola to request cash donations for your future home. Include a note on invitations and wedding websites: “In lieu of gifts, we’d love help buying our dream home!”
2. Leverage Savings Apps
Automate savings with apps like:
- Chime
- Digit
- Qapital
- Mint
- Acorns
- Mvelopes
Many offer “set-and-forget” features to grow your balance effortlessly.
3. Make Use of That Tax Refund
Redirect at least 75% of your annual tax refund into savings. Opt for direct IRS deposits to avoid temptation.
4. Try Your Hand at Savings Games
Gamify saving with apps like Long Game, Blast (linked to Fortnite/Overwatch), or Save to Win, which reward you with interest or prizes.
5. Enroll in a Round-Off Program
Apps like Acorns, Chime, and Qapital round up purchases to the nearest dollar. Example: A $9.75 coffee triggers a $0.25 deposit into savings. Over time, spare change compounds significantly.
6. Give Crowdfunding a Shot
Create a GoFundMe for your homebuying goal and share it around birthdays or holidays. Friends and family may surprise you!
7. Get a Side Hustle
Earn extra cash through gigs like:
- Food delivery (DoorDash)
- Ridesharing (Uber/Lyft)
- Grocery shopping (Shipt)
Commit to funneling all side income into savings.
8. Become a Second-Hand Seller
Declutter and sell unused items via:
- Facebook Marketplace
- Poshmark (clothing)
- Mercari (books)
- OfferUp (electronics)
Use secure payment methods like Venmo and meet buyers in public places.
The Bottom Line: Homeownership may feel distant early in your career, but compound interest rewards consistent saving. Even small amounts add up over time. Start now, and let your savings—and time—work in your favor.
