Generation Z or Gen Zers are described as a self-confident and optimistic bunch. They are our young adults, no older than 26 years, and are coming of age in some very exciting yet complex post-pandemic times. But while the current housing market can be tough on every generation, it is still possible for Gen Zers to achieve home or land ownership. There are plenty silver linings. Here is what Gen Zers can do to prepare to become a property owner…

First: Get some ‘trusted’ advice

Buying property will be one of the most important purchases in a Gen Zers life. Therefore, you should want to find someone who you can trust, someone that will give you their experiences throughout the ownership process and ‘sprinkle’ it with some advice. Once you find that ‘someone’, make sure to ask every question that comes to mind to be as informed as possible about the process.

You can also read TTMB’s How-To Guide to Own a Home by age 30, where Marsha Rae Leben, TTMB Corporate Communications Manager speaks to the Business Day Newsday about some advice on homeownership for young people.

Second: Search for a Mortgage Lender and take notes

After getting advice, you will need to look for a potential mortgage lender you like because they will give you the best rate. They can be either the banks, credit unions or government-assisted lenders.

The best lenders are those who take the time to discuss the entire ownership process with you and present you with all the financing options they can offer.

At TTMB you can find out about our Open Market rate and Government Assisted Programmes. Also our 2% and 5% mortgage interest rate are the best on the market…take a read.

Third: Know Your Financial Comfort Level

Purchasing your dream home can easily dissolve into a financial nightmare if you take on much more than you know you can possibly afford. So Gen Zers, find out what you can afford. Then, figure out what you want your budget to be. Planning is important.

Fourth: Set a savings goal towards your downpayment

A downpayment is a lump sum of money that gets paid upfront when you buy a home or land and is usually a portion of the total value. The downpayment you will need to make varies depending on the home price or land price and the type of loan you are applying for.

Usually when you figure out which kind of loan you want, it helps you determine how much money you will need to save up for the downpayment; and you will have to consider your current expenses in relation to what you can afford to pay for a mortgage.

Gen Z, this may take some time or some years, so it is good to start early.

Fifth: Pay Attention to Your Credit

Good credit plays a pivotal role in purchasing property.

It’s important to note that building and maintaining good credit takes time. Positive credit habits over a period of months and years contribute to a strong credit profile. This, in turn, can help you secure favorable terms and interest rates when you’re ready to purchase.

Remember, while credit is a critical factor, other financial considerations such as your income, debt-to-income ratio, and down payment also play important roles in the home-buying process.

Gen Zers that stay below their credit limit, pay their bills on time, and do not make any late payments or miss payments altogether will be able to ensure good credit.

Check out TTMB’s Avoid – Disregarding Your Credt Rating for further guidance.

Sixth: Research homeownership alternatives

Gen Z, you actually can forgo planning for the purchase of a traditional home for alternatives that still allow for homeownership. Here are a few popular trends:


A fixer-upper is a house that is available for a low purchase price, but requires maintenance and renovations. Gen Zers in a relationship might decide to invest in a fixer-upper as their new home together.


Solo Gen Zers might consider purchasing land. Since land is an appreciable asset, its value increases over time so there is absolutely no harm in buying it upfront and allowing time to pass so you can save up to build your home.

Watch TTMB’s Buying Land video and you will see that it is a smart move to buy land to get a head start on homeownership.

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