Photo: James Rojas/WBZ NewsRadio
BOSTON (WBZ NewsRadio) — Gen Z is adopting a different approach when it comes to home ownership compared to previous generations.
A survey from the Bank of America Institute indicates more individuals born between 1997 and 2012 are working additional jobs or partnering with siblings to purchase their dream homes — a practice Gen Xers advise against.
"Someone loses their job or what have you, it creates animosity and ruins friendships and families and everything else. I've seen it," remarked one Bostonian.
According to the real estate brokerage Redfin, potential home buyers are facing numerous challenges. Home prices have surged 30% over the past five years. New owners must consider monthly costs including insurance and taxes in addition to their mortgage payments. Additionally, issues like housing shortages and investors dominating the market are preventing people from finding a home they can afford.
"We're struggling with trying to figure out how we're going to pay for a house too. So whatever you can do I guess," one couple shared.
Despite these obstacles, Gen Z remains undeterred. Data shows that 22% of young home owners bought their homes with siblings, up from 12% in 2024 and 4% in 2023.
While Gen Z appears optimistic about partnering with family members to help alleviate the financial burden of home ownership, some Gen Xers are pessimistic about the practice.
"I learned a long time ago, never go into a project like that with family and friends because money is the root of all evil," says a local resident.
WBZ NewsRadio’s Chris Fama (CFamaWBZ) reports.