If you’re part of Gen Z, you might be wondering if you’ll ever be able to buy a home. With inflation, rising home prices, and mortgage rates, it can seem pretty daunting.

While the current housing market is tough for first-time buyers, it’s still possible, especially if you have the right help. Here are some tips from the pros:

Look Into Down Payment Options

If saving for a down payment is your biggest challenge, there are programs that can help. Over 2,000 down payment assistance programs exist to make buying a home more achievable. Plus, you might be able to get help from family. According to LendingTree, 49% of Gen Z homebuyers received financial help from loved ones for their down payment. And remember, you don’t always need to put down 20%, so talk to a mortgage professional to see what options you have.

Move in with Family to Save

Many Gen Z buyers are cutting costs by moving back in with family or friends to save money faster. Bankrate notes that 30% of Gen Z homebuyers went straight from living with family to buying their own home.

Be Open in Your Search

Once you’ve saved up, a real estate pro can help you with your search. They might suggest looking in more affordable rural or suburban areas instead of pricier urban ones. Smaller homes, condos, or townhouses can also be more affordable options. Flexibility is key!

Prioritize Your Wants and Needs

Your first home doesn’t need to be perfect. It’s a step to building equity. Be open to compromise on your must-haves and nice-to-haves. An agent can help you figure out what’s most important and find homes that meet those needs.

Bottom Line

Real estate pros have lots of advice for buyers like you. Lean on them for help. As Directors Mortgage says, with the right strategies, like looking into down payment assistance and living with family to save, homeownership is definitely within reach.