International Journal of Academic Research in Business and Social Sciences

search-icon

Navigating First-Time Home Buyer Dilemmas: Generation Z's Perspective

Open access
The concept of 'home' is a cornerstone of living standards, providing not only a residence but also safety, security, and privacy. It acts as a shield against external threats and is essential for personal well-being. The decision to purchase a home holds immense significance, especially for Generation Z (Gen Z). As they aspire to own their dream homes, the choice they make can significantly impact their quality of life, productivity, and self-worth. However, buying a home is a complex endeavor, far more intricate than choosing a pair of shoes. Various factors must be considered before making such a significant investment. This research aims to identify the factors influencing the decisions of first-time homebuyers. The study collected data through questionnaires distributed to first-time homebuyers aged 18-29, representing Gen Z. A review of literature and prior research revealed six prominent factors. Financial considerations emerged as the most influential, with a mean rating of 4.44. This research highlights the pivotal role of financial factors in shaping the decisions of first-time homebuyers and contributes to a deeper understanding of the housing market dynamics.
Abdullah, L., Nor, M. I. B., Jumadi, N., Arshad, H., Ilyana, N., & Arshad, H.(2012). First-Time Home Buyers: Factors Influencing Decision Making. International Conference On Innovation And Technology For Sustainable Built Environment, (June 2015), 249–254
Abdul Fattah, H., Badarulzaman, N., & Ali, K. (2020). Neighbourhood Quality Assessment: A View Of Tenure Ownership And Mobility Decisions In Penang, Malaysia. Planning Malaysia, 18(11). https://doi.org/10.21837/pm.v18i11.712
Al-Nahdi, T. S., Habib, S. A., & Albdour, A. A. (2015). Factors influencing the intention to purchase real estate in Saudi Arabia: moderating effect of demographic citizenship. International Journal of Business and Management, 10(4), 35.
Aluko, O. (2011). The Effects Of Location And Neighbourhood Attributes On Housing Values In Metropolitan Lagos. Ethiopian Journal Of Environmental Studies And Management, 4(2), 69-82
Duffy, D., and Quail, A. (2005). First-Time Buyers in the Irish Housing Market: A Survey of Permanent TSB First-Time Buyers, Dublin: Permanent TSB,
https://www.esri.ie/publications/first-time-buyers-in-the-irish-housing-market-a-survey-of-permanent-tsb-first-time-buyers
Mang, J., Zainal, R., & Mat Radzuan, I. (2020). Factors Influencing Home Buyers’ Purchase Decisions In Klang Valley, Malaysia. Malaysian Journal Of Sustainable Environment, 7(2), 77-90. doi:10.24191/myse.v7i2.10265
Mariadas, P. A., Abdullah, H., & Abdullah, N. (2019). Factors Influencing The First Home Purchase Decision Of Middle-Income Earners (M40) In Selangor, Malaysia. E-Bangi, 16(1), 1–11.
Khan, P. A., Azmi, A., Juhari, N. H., Khair, N., Daud, S. Z., & Rahman, T. A. (2017). Housing Preference For First Time Home Buyer In Malaysia. International Journal Of Real Estate Studies, 11(2), 1–6
Mostafa, A., Wong, F. W., & Hui, C. M. (2006). Relationship between housing affordability and economic development in Mainland China - Case of Shanghai. Journal of Urban Planning and Development, 132(1), 62-70. https://doi.org/10.1061/(ASCE)0733-9488(2006)132:1(62)
Mulyano, Y., Rahadi, R. A., & Amaliah, U. (2020). Millennials housing preferences model in Jakarta. European Journal of Business and Management Research, 5(1).
Napic, J. P. P. H. (2022), Property Market 2022 Snapshots, https://napic.jpph.gov.my/portal
Olanrewaju, A., & Wong, H. C. (2020). Evaluation of the requirements of first time buyers in the purchase of affordable housing in Malaysia. Journal of Housing and the Built Environment, 35, 309-333.
Opoku, R. A., & Abdul-Muhmin, A. G. (2010). Housing Preferences And Attribute Importance Among Low-Income Consumers In Saudi Arabia. Habitat International, 34(2), 219–227.
Rashid, W. N. A. W. A., Mohd, T., Abdullah, L. (2018). A Review Factors Affecting Residential Property Price. In: Saian, R., Abbas, M. (eds) Proceedings of the Second International Conference on the Future of ASEAN (ICoFA) 2017 – Volume 2. Springer, Singapore. https://doi.org/10.1007/978-981-10-8471-3_4
Sarif, S. M., Mohamed, H. F. P., & Khalid, M. S. (2018). Assessing Decision Factors For home Purchasing ( Needs Vs . Preferences ) From Case Study Of First- Time Potential Homebuyers In Klang Valley?: Towards Technology-Mediated Individual Decision Aid. Knowledge Management International Conference (Kmice), (July), 25–27.
Si, P. T. (2012). Key Factors Affecting home Purchase Decision Of Customers In Vietnam (Master’s Thesis). University Of Economics Ho Chi Minh City, Vietnam.
Suhaida, M. S., Tawil, N. M., Hamzah, N., Adi, C. I., Basri, H., & Yuzainee, M. Y. (2011). Housing affordability: A conceptual overview for house price index. Procedia Engineering, 20, 346-353.
Tan, T. H. (2010). The Effect Of Housing Characteristics On Neighborhood Stability Of Homeownership. International Journal Of Business And Emerging Market, 2(3), 286 – 304.
Thaker, H. M., & Sakaran, K. C. (2016). Prioritisation of key attributes influencing the decision to purchase a residential property in Malaysia: An analytic hierarchy process (AHP) approach. International Journal of Housing Markets and Analysis, 9, 446-467.
Thanaraju, P., Mentaza Khan, P. A., Juhari, N. H., Sivanathan, S., & Khair, M. N. (2019). Factors Affecting The Housing Preferences Of Homebuyers In Kuala Lumpur. Planning Malaysia, 17(9). https://doi.org/10.21837/pm.v17i9.593
Taherdoost, H. (2017). Determining sample size; how to calculate survey sample size. International Journal of Economics and Management Systems, 2.
Zakaria, Z., Zainuazmi, W. N. S. B. M., Jahauddin, U. K. B., Noordin, N. N., & Sawal, M. Z. H. M. (2022). Critical Factors Influencing the Purchasing Decisions among Home Buyers in Malaysia. International Journal of Academic Research in Economics and Management and Sciences. 11(2), 195 – 209.
?róbek, S., Trojanek, M., Anna ?róbek-Sokolnik, A., & Trojanek, R. (2015). The influence of environmental factors on property buyers’ choice of residential location in Poland. Journal of International Studies, 7(3), 163-173. DOI: 10.14254/2071-8330.2015/8-3/13