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W W W. M A I N E B I Z . B I Z 17 J U LY 2 2 , 2 0 2 4 F O C U S R E A L E S TAT E / C O N S T R U C T I O N / E N G I N E E R I N G Real Estate Group who represented the McMillans. "I bought my first home when I was 28, and I firmly believe that being financially literate and decisive were key factors in mak- ing that plunge early." So does her colleague Carly Chasse, a 28-year-old homeowner and residen- tial property investor now helping other women do the same. "My parents lived in the same house for 30 years and didn't invest in real estate, so they don't know anything about it," she says. "If you're not born into it, you have to learn." New generation Roughly speaking, Generation Z is the demographic cohort born between 1997 and 2012, coming on the heels of millennials. At 27, the oldest from the generation are out of college and in the early stages of their careers and in some cases marriage. A force to be reckoned with, Gen Z is projected to become the only generation to reach 2 billion people, or roughly a quarter of the total popula- tion, with an estimated $12 trillion in MASSACHUSET TS | CONNEC TICUT | RHODE ISLAND NEW HAMPSHIRE | MAINE | VERMONT 855.500.IESC | www.iesc1.com I N T E R S T A T E Delivering Value Through Innovation Interstate delivers exceptional value on every project for every customer using advanced technology, in-house engineering and design-build, lean methodologies, smart material placement, and UL listed state-of-the-art prefabrication encompassing our values of commitment, safety, integrity, and innovation. Valued Partner. Trusted Employer. Business Property and Liability Insurance Products Cyber and Data Breach Liability Insurance Employment Practices Liability Insurance, EPLI & Equipment and Mechanical Breakdown INSURING MAINE BUSINESS — INSURING MAINE PEOPLE We've been in business more than 140 years, and continue to innovate by providing you a portfolio that offers the kind of protection your business needs — today. Visit Patrons.com to find an independent agent near you. INNOVATIVE SOLUTIONS FOR TODAY'S BUSINESS CHALLENGES. C O N T I N U E D O N F O L L OW I N G PA G E » S O U R C E : U.S. Census Bureau S O U R C E : Redfin HOMEOWNERSHIP RATES BY AGE OF HOUSEHOLD 2022 CHANGE IN HOMEOWNERSHIP 2016–2022 HOW YOUNG HOMEBUYERS ARE FUNDING DOWN PAYMENTS BARRIERS TO HOMEOWNERSHIP 62.2% 3.6% 39% 4.5% 75.1% 0.1% 70.5% 1.2% 79.1% 0.3% Under 35 35–44 45–54 55–64 65 or over Under 35 35–44 45–54 55–64 65 or over Save directly from paychecks 60% Work a second job 39% Cash gift from family 36% Sell stock investments 29% Pull money out of retirement funds early 22% Sell another home 21% Inheritance 16% Live with parents/family to save money 13% Sell cryptocurrency investments 13% Take equity from another home I still own 12% Contribute less to retirement savings 11% Available homes are too expensive 43% Ability to save for a down payment 34% Ability to afford mortgage payments 29% Mortgage rates are too high 29% Regular maintenance too expensive 20% Lack of homes for sale 18% Lack of financing from family or friends 16% Recent loss of employment in household 13% Don't want effort of maintaining a home 12% Need to pay off student loans first 12% I am not interested in owning a home 9%

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