Navigating First-Time Home Buyer Dilemmas: Generation Z's Perspective

Abstract

The concept of 'home' is a cornerstone of living standards, providing not only a residence but also safety, security, and privacy. It acts as a shield against external threats and is essential for personal well-being. The decision to purchase a home holds immense significance, especially for Generation Z (Gen Z). As they aspire to own their dream homes, the choice they make can significantly impact their quality of life, productivity, and self-worth. However, buying a home is a complex endeavor, far more intricate than choosing a pair of shoes. Various factors must be considered before making such a significant investment. This research aims to identify the factors influencing the decisions of first-time homebuyers. The study collected data through questionnaires distributed to first-time homebuyers aged 18-29, representing Gen Z. A review of literature and prior research revealed six prominent factors. Financial considerations emerged as the most influential, with a mean rating of 4.44. This research highlights the pivotal role of financial factors in shaping the decisions of first-time homebuyers and contributes to a deeper understanding of the housing market dynamics.