Gen Z Couple Buys First Home With Creative Financing Amid 2023 Housing Crunch
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In December 2022, Gen Z couple Cole and McCall Porter bought their first home using creative seller financing since the housing market was difficult for first-time buyers.
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Buying a home in 2023 was financially unrealistic for many potential buyers across generations given high prices, low inventory, and rising interest rates.
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Gen Z had the lowest 2023 homeownership rate at 26.3%, while older generations like baby boomers (78.8%) were more likely to already own.
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Housing shortages disproportionately impact millennials with kids, as baby boomers own 28.2% of large homes compared to just 14.2% for millennials.
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There is hope for an improved 2024 housing market as mortgage rates have dipped early in the year, though a full recovery to pre-2019 levels could take time.