The new survey by Policygenius shows that house purchasing is becoming increasingly more challenging for young adults, including Gen Z between the ages of 18 and 26 and millennials between the ages of 27 and 42.
This is why many people have switched to crypto instead and do not mind if they own crypto as much as they do if they own real estate.
The Policygenius survey shows that the high prices of homes and the increasing interest rates are the obstacles to young people’s ownership of the house.
That is particularly relevant to the current generation since they are more likely to have trouble paying for their homes in comparison with older generations who could buy a house when they were young.
Since this is the case, the younger generation is turning to other modes of investing their funds. Crypto, which is a digital currency, has been widely adopted as people’s choice.
The study revealed that 21% of Gen Z and millennials own crypto assets, while only 20% of them own real estate.
The research also revealed that young adults are more prone to get financial advice from social media and to try out the “financial hacks” they see online.
Despite this, they tend to avoid the help of a professional financial advisor to a higher degree than older generations do.
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