FinLocker study on the financial habits of the future

Atlanta, Aug. 04, 2022 (GLOBE NEWSWIRE) — Younger generations have begun to dominate and shape the home buying market. In 2022, the National Association of REALTORS® found that 43% of homebuyers were Millennials and 2% of Gen Z homebuyers. While many more consumers aspire to become homeowners, they often face challenges and obstacles along the way.

Across states and demographics, the top three reasons for denial of a mortgage application in 2021 were a high debt-to-income ratio, poor credit history, and insufficient savings to cover their down payment and closing costs.

FinLocker believes that home ownership should be accessible and sustainable for everyone, regardless of socioeconomic status. We are committed to working with mortgage lenders, banks, credit unions and related financial institutions and businesses to understand the challenges homebuyers often face. Together we can overcome the obstacles that many future homeowners face in their journey to achieving the American Dream.

Who are the future home buyers?

To better understand the financial habits of prospective homebuyers, FinLocker teamed up with students from the American Marketing Association group at the University of Southern California (USC).

Over a four-week period from mid-March to mid-April 2022, USC students surveyed Millennials, defined as those born between 1981 and 1996, and Gen Z, defined as those born between 1997 and 2012. Respondents at the Gen Z polls were 20.3 years old, so they could provide relevant answers to the poll questions.

The survey was designed to determine:

1. How the next generation of homebuyers is managing their personal finances.
2. How do you intend to achieve your financial goals?
3. How is the next generation of homebuyers planning to buy a home in the future?

Identifying the financial habits of prospective homebuyers

When it comes to using budgeting tools to manage their finances, millennials alike have been…