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Family money. No student loans. Live at home. Ability to save most of their high incomes if they work in consulting / investment banking, etc.
Don’t worry, you’re not behind. I’m almost 40 and years away from buying a home (child of immigrants here - opposite of the traits I listed above). I had my second baby last month, the month after I paid off 17 years and about $300K in student loans. Savings have been impossible for years. Not to mention I’m from a VHCOL city.
Most people in Gen Z or young millennials buying homes are getting family help. But there are programs for first time home buyers where you can put much less down - I think these are under used by young people. Some jobs also have deals - my firm has partnerships with banks where we can put 0 down.
I don’t doubt there are people out there that did it 100% themselves, no help and all that. But the majority of people are actually getting a ton of help from family. I do not know anybody my age that owns a home and didn’t get some kind of help financially. Look into all resources for help, first time home buyer loans can be good.
I realised last year how important it is to make your money buy assets/investments so I've been working hard to make sure I'm at least saving 1-1.5K a month so I can save it towards buying a house. Apart from that change, I'm with you. It's insane how Gen Z kids are able to buy homes.