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But the future isnt all doom and gloom.
GOBankingRates talked to real estate experts to gather theirfirst-time homebuying tips for Gen Z.
Conventional wisdom says that you should have a 20% down payment before youre ready to buy a house.
I cant stress enough how important it is to closely understand these options and get preapproval, Gluch said.
But the reality is much different.
Consider Lifestyle Factors
Kostiw recommended Gen Z consider their lifestyle needs when buying for the long term.
That way, they can ensure theyre purchasing in a location that matches their happiness quotient, she said.
First-time Gen Z buyers should also account for how their lives could change in the upcoming years.
Young Gen Zers may not be thinking that long term, but its a crucial step.
But he says that isnt the case.
Another surprising option is to purchase a home with a nonromantic partner.
Seventy percent of Gen Zers surveyed said they would be open to this idea.
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