HILLSBOROUGH COUNTY, Fla. — A 25-year-old middle school science teacher in Hillsborough County bought her first home, nearly cutting in half the record average age of a first-time homebuyer.
According to the National Association of REALTORS, the average age of a first-time homebuyer has climbed to 40 — the highest it has ever been — as home prices and mortgage rates continue to challenge buyers. But Kaiya Clark is not waiting.
“Did you ever think that you wouldn't be able to buy a home in this economy?” Tampa Bay 28 reporter Michael Paluska asked Clark.
"I definitely had doubts, especially just because like the market was fluctuating like so much, and like even when I was looking at this home, this home was actually almost $70,000 more expensive than what I bought it for," Clark said.
Clark graduated college, landed a job as a middle school science teacher, and bought a home — all within a few years. She credits her father with laying the financial foundation.
"I do have to give credit to my dad. He's always made sure that me and my little sister were, like, financially literate and, like, prepared for the real world," Clark said.
Clark said the saving mindset started early.
"As soon as I went to college, you know, I knew in the back of my head that I was starting to save for like my future," Clark said.
Clark tells Paluska her generation's competitive drive pushed her forward.
"I think that a lot of us have been like set up to know that you can do it, you just have to put in the work. So now we're just taking the bull by the horns. I feel like we're just getting the hard part out the way," Clark said.
According to the National Association of REALTORS, Gen Z buyers make up 4% of all buyers, up from last year. Thirty-five percent of Gen Z buyers are single females — the highest share among all generations — and Gen Z buyers are the most racially diverse of any generation.
Clark said the milestone carries personal significance.
"I feel like for me to have been a Black woman to buy this home on myself on my own with no help other than like the buyer's concessions that we fought for, I'm just so blessed," Clark said. “ I want to make sure that, like, I can show that inclusivity and show that, you know, we're in this too, we're doing it too and inspire others.”
Melonny Thompson, Clark's mortgage broker at United Direct Lending, said Gen Z buyers have more leverage in today's market than past generations did.
"Now we've got less competition. We've got sellers who are very generous. They're paying closing costs. They're paying for interest rate buy downs. They're really essentially buying homes with other people's money, and they couldn't do that before," Thompson said.
Thompson said buyers do not need a perfect credit score or a 20% down payment to get into a home.
"There are so many programs that are designed around lower credit scores and lower down payments, and you don't need 20%. You can get gift funds from family, there's also down payment assistance programs," Thompson said.
Still, first-time homebuyers make up just 21% of all buyers — the lowest share in 45 years, according to the National Association of Realtors.
Thompson offered three tips for aspiring homebuyers looking to build wealth through real estate.
Tip 1: Buy what you can afford now.
"I always say the best time to buy is when you can afford to buy, right? Buy whatever you can afford now, because it's not your forever home. It is your building block to building wealth. It's your stepping stone to something greater," Thompson said.
Tip 2: Document your rent history.
"Your credit score does not tell the whole story. Okay, you can have a great credit score, but if you're not documenting your rent, that could hurt you. So a paper trail is important. Venmo is fine; we want to document that rent history. You could have a little credit score, you can have no credit score, and you can still get qualified for a home," Thompson said.
Tip 3: Think like an investor.
"Think like an investor and not like a home buyer; what I mean by that is you always want, when you buy real estate, to think about your exit strategy," Thompson said.
“I’m proud of you,” Paluska said at the end of their interview.
"Thank you so much. That makes me feel like a little kid inside, a true Gen Zer kid right now," Clark said.
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