It turns out, [millennials](https://www.simplifyingthemarket.com/2022/10/27/millennials-are-still-a-driving-force-of-todays-buyer-demand/?a=713258-9a8342bcf821027012880bf1d7cccbf7) aren’t the [renter](https://www.simplifyingthemarket.com/2022/09/30/why-buying-a-home-may-make-more-sense-than-renting-infographic/?a=713258-9a8342bcf821027012880bf1d7cccbf7) generation after all. The [_2022 Consumer Insights Report_](https://pages.mynd.co/rs/081-GIK-768/images/Mynd_Consumer_Insights_Report_2022.pdf) from _Mynd_ says there’s a portion of millennial and Gen Z buyers who are pursuing homeownership as a way to build their wealth, but it may not be exactly the way previous generations have done it. The study explains how they’re [breaking into](https://www.simplifyingthemarket.com/2022/09/28/why-you-should-consider-condos-as-part-of-your-home-search/?a=713258-9a8342bcf821027012880bf1d7cccbf7) the market: > ###### _“. . . younger generations of Americans are not buying into that dream in the same way that older generations have. A growing number of Americans are choosing to make their first real estate purchase as an investment property.”_ Instead of buying a home and moving into it themselves, some young buyers are purchasing a home so they can use it as a rental. This tactic may be gaining popularity, at least in part, because of the affordability challenges brought about by today’s higher [mortgage rates](https://www.simplifyingthemarket.com/2022/10/04/the-cost-of-waiting-for-mortgage-rates-to-go-down/?a=713258-9a8342bcf821027012880bf1d7cccbf7). The report above mentions how many people in this group are considering this approach. It [says](https://pages.mynd.co/rs/081-GIK-768/images/Mynd_Consumer_Insights_Report_2022.pdf): > ###### _“Almost half of Millennials and Gen Z (43%) are considering buying an investment property compared to only 9% of Baby Boomers and 27% of Gen X.”_ #### Why Younger Buyers Are Buying a Home To Use as a Rental This strategy allows buyers to continue living in their current location, like the bustle of a city apartment or a neighborhood that they know and love, where they couldn’t afford to buy. But instead of giving up on the idea of owning a home, they buy a home in a more affordable area with the intention of renting it out. In a way, they’re getting the best of both worlds. They live where they want, and they still own a home where they can afford it. Their goal is to generate passive income and diversify their assets. It works like this: in addition to having a rental stream of income, the [equity they build](https://www.simplifyingthemarket.com/2022/10/05/the-long-term-benefit-of-homeownership/?a=713258-9a8342bcf821027012880bf1d7cccbf7) in their house will also help grow their [net worth](https://www.simplifyingthemarket.com/2022/09/06/how-owning-a-home-builds-your-net-worth/?a=713258-9a8342bcf821027012880bf1d7cccbf7) over time. ### Bottom Line If you’re thinking about buying a home as an investment strategy to build your wealth, let’s connect to explore your options and nearby areas that may have homes that fit what you’re looking for. Posted by [Ryan Drowne](https://www.thedavidgreengroup.com/blog/author/ryandrowne/) on November 3rd, 2022 Enjoy this blog post? Click here to subscribe for updates [Facebook Share this post on Facebook](https://www.thedavidgreengroup.com/blog/httpswwwsimplifyingthemarketcomen20221103do-you-believe-homeownership-is-out-of-reach-maybe-it-doesn.html# "Share this post on Facebook") Twitter Tweet this post on Twitter [Email Send a link to post via Email](mailto:?subject=Do%20You%20Believe%20Homeownership%20Is%20Out%20of%20Reach%3F%20Maybe%20It%20Doesn%E2%80%99t%20Have%20To%20Be.&body=I%20was%20looking%20at%20https%3A%2F%2Fwww.thedavidgreengroup.com%2Fblog%2F%20and%20I%20thought%20you%20would%20like%20to%20look%20at%20this%20blog%20entry%3A%0D%0Ahttps%3A%2F%2Fwww.thedavidgreengroup.com%2Fblog%2Fhttpswwwsimplifyingthemarketcomen20221103do-you-believe-homeownership-is-out-of-reach-maybe-it-doesn.html "Send a link to post via Email")[](https://www.thedavidgreengroup.com/blog/httpswwwsimplifyingthemarketcomen20221103do-you-believe-homeownership-is-out-of-reach-maybe-it-doesn/print.html "Opens new window with print ready page") ### Leave A Comment Leave text box empty Full Name\- required Email Address\- required Website Link e.g. yourwebsitename.com Comment\- required Submit Comment Please note that your email address is kept private upon posting. Message us ··· Chatra reCAPTCHA Recaptcha requires verification. [Privacy](https://www.google.com/intl/en/policies/privacy/) - [Terms](https://www.google.com/intl/en/policies/terms/) protected by **reCAPTCHA** [Privacy](https://www.google.com/intl/en/policies/privacy/) - [Terms](https://www.google.com/intl/en/policies/terms/)
