Young Buyers Willing To Accept Higher Rates
Young homebuyers tolerate high mortgage rates better than their older counterparts.
Gen Z and Millennial respondents to a new survey say they will accept rates as high as 6.3% and 6.2%, respectively, in order to buy a home in 2024. Gen X and Baby Boomers, in comparison, won’t accept any rate above 6%.
The survey, ServiceLink’s State of Homebuying Report, focused on Americans who bought or tried to buy a home in the last four years.
Younger buyers also expressed more determination to buy this year, with 63% of Gen Z respondents and 59% of Millennials saying they plan to, compared to 45% of Gen X and 21% of Baby Boomers.
Taken together, 47% of all respondents plan to purchase…