LOS ANGELES, October 5, 2026. National MI and FirstHome IQ today released How You’re Built to Buy, a NextGen Homebuyer Report on how Gen Z and millennial adults relate to money, and what that means for the first conversation about buying a home. The study was conducted by Kristin Messerli, Executive Director of FirstHome IQ, who has led the NextGen Homebuyer research series since 2020 in partnership with National MI.
The housing industry reads homebuying behaviors. It looks at what someone saves, their credit, and what they’re qualified to buy. This study asked the questions that lead to homebuying behavior and found that understanding attitudes about money and mortgages may unlock more homebuyers. Financial shame, self-belief, and anxiety are contributing to how buyers show up (or don’t) at the homebuying table.
Regardless of income and savings habits, over half of respondents are anxious about their financial future and skeptical of experts. “Money is emotional,” said Messerli. “More than half of the total market is anxious or avoidant with their finances, regardless of income and savings. There’s a big opportunity for those who learn how to reach and serve them.”
What the study found
- Anxiety: 66% worry their finances won’t last, including the majority of those with strong savings habits and income over $100k/year.
- Avoidance: 60% say there’s so much homebuying information that it’s overwhelming.
- Shame: Nearly nine out of ten reported some amount of financial shame.
- Self-belief: More than half believe that if they set a financial goal, they can find a way to reach it.
- Security: Six in ten said owning a home would make them feel more secure than anything else they could do with their money.
- Fear: Despite a value for homeownership, 43% say a mortgage feels like a trap.
The report closes with seven practices for housing professionals, but the goal with this study is to begin the conversation. Based on this knowledge, there are many millennial and Gen Z adults who could buy a home but have deeply ingrained barriers to getting there.
“These buyers want to own a home. They’re waiting on someone they trust,” says Bri Lees, NextGen marketing expert and newly on the board at FirstHome IQ. “This study is a starting point to better conversations on how we can improve access for the next generation.”
“The mortgage industry has traditionally evaluated readiness through income, assets, credit, and savings. This research suggests there’s another side of the equation,” said Ralph Remy, CMB, Senior Director, Client Digital Experience at National MI. “Many potential homebuyers are financially qualified yet still hesitate because of overwhelm, distrust, or misconceptions about the process.
“The study also highlights a persistent knowledge gap around down payment requirements, with many consumers still believing they need 20% down to buy a home when low down payment options are available with the support of private mortgage insurance. At National MI, we’re committed to helping lenders understand and address these barriers, dispel common homeownership myths, and create more informed, confident pathways to sustainable homeownership.”
The report, the slide deck, and two one-page summaries are at firsthomeiq.com/built-study or on the National MI website. A companion money personality quiz is at builtlikethat.co.
About the research
Two online surveys were fielded in September 2026, each with 500 U.S. adults ages 18 to 44. After quality screening, 943 responses were retained. The study continues the NextGen Homebuyer Report series, which has surveyed more than 10,000 people since 2020. Past studies can be found at nextgenhomebuyer.com.
About National MI
National Mortgage Insurance Corporation (National MI) is a private mortgage insurer enabling low down payment borrowers to realize homeownership while protecting lenders and investors against losses related to a borrower’s default. We’re committed to delivering mortgage insurance solutions that are clear, concise, and provide a path to coverage certainty. nationalmi.com
About FirstHome IQ
FirstHome IQ is a 501(c)(3) nonprofit, closing the homeownership gap through clear, confident education and trusted professionals. They support NextGen research on first-time buyers, build free homebuyer education, and implement trusted education through a network of nearly 200 ambassadors across the country. Learn more at FirstHomeIQ.com.
Media contacts
Kristin Messerli, Executive Director, FirstHome IQ
kristin@firsthomeiq.com
Lesley Alli, Senior Vice President, Industry Relations, Marketing and Communications, National MI
media@nationalmi.com