Much of the success that Gen Zs have experienced when navigating the property market has been attributed to the demographic group’s use of social media to gain industry knowledge.

Vayna Jerabek, a 22-year-old real estate agent, has amassed over 640,000 followers on Tik Tok. The realtor offers a range of housing tips on her page, including a video on “house hacking” that received over 1.6 million likes. “House hacking” refers to purchasing a property and then renting out several rooms as a way of offsetting the mortgage payment.

“My personal mission is to empower my generation so that they know that real estate is a serious vehicle to creating wealth,” Jerabek explained. “It’s just such a big driver of your future prosperity.”

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As a result, an average household now needs $30,000 more in annual income to be able to afford a home, according to Mike Miedler, the CEO of the real estate company Century 21.

“It is that first-time homebuyer who is really affected by the spike in interest rates,” Miedler said in a recent chat with Yahoo Finance Live. “If you look back a year ago, you need about $30,000 to $33,000 more household income in order to afford the home at today’s interest rate at the median price.”

The spike in home prices wasn’t followed by the income growth that currently stands at 4.8%. Add an almost 100% increase in down payment, and it is easy to see why buying a home is a challenge that many are not ready to tackle.

However, there are some positives on the horizon. First, there are signs that the housing market is starting to cool off. Home sales are down almost 6% across the nation, and mortgage applications plummeted in recent months. This is causing a rise in inventory, which should, in theory, cause a price dip. It remains to be seen whether that turns out to be the case. 

The post First-Time Homebuyers Need $30,000 More in Income Says Century 21 CEO appeared first on theprimarymarket.com.

Much of the success that Gen Zs have experienced when navigating the property market has been attributed to the demographic group’s use of social media to gain industry knowledge.

Vayna Jerabek, a 22-year-old real estate agent, has amassed over 640,000 followers on Tik Tok. The realtor offers a range of housing tips on her page, including a video on “house hacking” that received over 1.6 million likes. “House hacking” refers to purchasing a property and then renting out several rooms as a way of offsetting the mortgage payment.

“My personal mission is to empower my generation so that they know that real estate is a serious vehicle to creating wealth,” Jerabek explained. “It’s just such a big driver of your future prosperity.”

The post Gen Z Homebuyers Leverage Social Media appeared first on theprimarymarket.com.

As a result, an average household now needs $30,000 more in annual income to be able to afford a home, according to Mike Miedler, the CEO of the real estate company Century 21.

“It is that first-time homebuyer who is really affected by the spike in interest rates,” Miedler said in a recent chat with Yahoo Finance Live. “If you look back a year ago, you need about $30,000 to $33,000 more household income in order to afford the home at today’s interest rate at the median price.”

The spike in home prices wasn’t followed by the income growth that currently stands at 4.8%. Add an almost 100% increase in down payment, and it is easy to see why buying a home is a challenge that many are not ready to tackle.

However, there are some positives on the horizon. First, there are signs that the housing market is starting to cool off. Home sales are down almost 6% across the nation, and mortgage applications plummeted in recent months. This is causing a rise in inventory, which should, in theory, cause a price dip. It remains to be seen whether that turns out to be the case. 

The post First-Time Homebuyers Need $30,000 More in Income Says Century 21 CEO appeared first on theprimarymarket.com.