Despite rising mortgage rates, Generation Z is showing resilience in the housing market, particularly in Arizona. Home builders are adapting by offering incentives like reduced interest rates to make homeownership accessible to younger buyers.
Brogan McGuire started searching for his first home when he was just 20 years old, and he bought one that same year. 'I spent a semester in college, decided it wasn't the right thing for me,' McGuire reflected. 'I got into sales early, so I had a fairly robust income at 18,19, 20, and set aside a down payment.'McGuire's story might make your eyes widen, but he says his real estate journey is simply one of hard work meeting opportunities. He also listened to the advice of those around him.
'My dad was a realtor for 28 years, my grandma, bless her heart, is 41 years old and still a realtor in the Valley so I had a lot of context around homeownership and the wealth-building abilities it would give you.' The year was 2020, and at the height of the pandemic, mortgage rates fell below 3%. McGuire said he took the plunge, put 3% down, and got himself into his very first home. Years later, he still considers it one of the best decisions he's ever made.Of course, in 2025 mortgage rates are now more than double what McGuire paid, but surprisingly, that isn't stopping others in Generation Z from purchasing their first homes in Arizona. Home builders like Oakwood Homes, with communities in Suprise and Coolidge, are finding ways to get them in the door. 'We bought down interest rates in doing so, that monthly payment got to a point where we were able to take many of those Gen Zers that were sitting on the sideline, in fact, we saw a doubling, twice as many customers that were Gen Zers from last year to this year have purchased in our communities,' shared Michael Fraley, the Arizona President of Oakwood Homes. The move cuts into the profit margins of the builder but if they sell enough homes, it's a minimal cost they can recoup, and then some.Younger generations, including Millennials and Gen Z, might just be the perfect target for home builders and realtors looking to close a dea
GENERATION Z HOMEBUYERS MORTGAGE RATES ARIZONA REAL ESTATE HOMEOWNERSHIP
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