Start Today! Home Buying Tips for Generation Z
From increasingly stifling property prices to minimal salary increases and lifestyle choices, these are some of the reasons why Generation Z, or more commonly abbreviated as “Gen-Z,” struggles to own a home. However, it’s still possible for Gen-Z to own a decent first home at a young age.
Although house prices increased slowly during the pandemic, they rose again in subsequent years, even to the point where they are now. With the average income of Gen Z below the living wage (UMR), this creates a significant gap between Gen Z’s income and the persistent property prices. Nevertheless, this article will explain tips you can implement immediately as a Gen Z to achieve a decent home as early as possible.
Set a Target
The first step is to build a savings account. You can build a savings account based on the estimated price of your dream home or start with a down payment. Don’t forget to factor in the annual house price increase, which ranges from 5% to 10% per year. This figure can serve as a reference for adjusting your monthly income
Saving in a Separate Account
After calculating how much you need to save, store it in a separate account to avoid mixing your savings with your daily expenses. If you’ve been saving based on what’s left over from your salary, then changing your savings and cutting back is a must. Try using a classic method like the 50-30-20 rule to avoid feeling forced.
Paying Off Debt and Loans
It’s a good idea to pay off all debt before saving to make saving easier. Debt can make financial management more difficult. Once debt and credit are paid off, setting aside money for a home purchase will be easier.
Merubah Pola Hidup yang konsumtif
A common financial trap for Gen Z is a consumptive lifestyle. Buying trendy items and the fear of missing out (FOMO) can be major obstacles to saving. If you have a goal to buy a home, it’s important to keep track of your expenses and cut back on unnecessary purchases.
Additional Income
Besides saving your existing funds, it’s even easier to earn money from different sources. There are many ways to earn additional income, both online and offline, to help you grow your savings and accelerate your goal of home ownership.
Once you understand the reasons and methods, saving for home ownership is no longer impossible. This is also why YUKARI Sawangan is here to provide affordable housing for everyone, including Gen Z. YUKARI Sawangan also collaborates with several banks to offer a Home Ownership Loan (KPR) program to make it easier for you to own your dream home at YUKARI Sawangan. If you’re interested in owning a strategically located home in Depok City, you can contact us at 0823-1133-4579 (WhatsApp), visit us via Instagram DM, or visit the official YUKARI Sawangan website here.
