Gen Z and Millennials Are Being Priced Out of Homeownership According to Recent Bankrate Survey

Rentech Global Solutions Says Tiny Homes Can Offer Economic Relief for First Time Buyers Looking for Affordable and Environmentally-Friendly Options

FORT MYERS, FL / ACCESSWIRE / July 20, 2022 / The biggest roadblock to home ownership for those from the Gen Z and millennial generations - U.S. adults between the ages of 18-25 and 26-41, respectively - is money. In a recent Bankrate survey conducted by research firm YouGov, 74% of respondents said that they place a higher value on homeownership than any other form of economic stability, even over a successful career and a college education. Yet, with costly home prices and rising mortgage rates, many are still unable to afford the American Dream.

According to the same survey, non-homeowners cited lack of sufficient income (43 percent), high home prices (39 percent) and not being able to afford a down payment and closing costs (36 percent) as some of the primary reasons for not entering the real estate market.

Brandon Lucas of Rentech Global Solutions - and a leading real estate agent in Ft. Myers - says that instead of building one's life around purchasing a home that is often priced in the six-figures range, focus instead on a "tiny home" which is almost 50 percent less than a traditional home.

"Starter homes are currently doubling in price right now," says Lucas. "What was once a $200,000 home a couple of years ago is now $400,000. Conventionally, new home buyers would shop for a condo for affordability but even condos are more expensive, leaving no other options than tiny homes. And imagine having a tiny home, one that is delivered to you within 30 days to any vacant lot in the U.S. and at half the price. These are just some of the problems tiny homes can solve."

The average cost of a tiny house is $30,000 - $60,000, although they can cost as little as $8,000 or up to $150,000 depending on the amenities you choose to include. They range in size up to 400 square feet when built on a trailer.

Lucas also notes that Generation Z, in particular, also wants to live more sustainably and they do so by showing the most concern for the planet's well-being, according to new research provided by the World Economic Forum. More specifically, 81 percent of Gen Z and Millennials would be happy to invest in a property if it had a heat pump, solar panels or electric vehicle charger with a priority to lower energy bills and help the planet. Lucas remarks that shelter should not only be available but affordable as well and without destroying our environment.

"In the future, it would be nice to see our cities bright again and not overpopulated," Lucas remarks. "Tiny homes let people live where they want which allows them to spread out more and work remotely or in smaller towns. Add that to the fact that they make for a greener tomorrow through solar energy makes them truly the wave of the future."

About RenTech Global Solutions
Through technological innovation, RenTech Global Solutions provides several online solutions towards long-term sustainable growth and survival. Their tiny homes and accessory dwelling units provide affordable housing that can be completely self sustainable while greatly minimizing the carbon footprint - and their solar programs also provide solutions to help families with today's growing costs of energy.

CONTACT

Brandon Lucas
https://www.rentechglobalsolutions.com
BrandonLucasRealty@gmail.com
(239) 464-8056

SOURCE: RenTech Global Solutions