Despite the grim reality of home ownership for Gen Zers, TikToker PJ Yancey was determined to find land of his own.
So, for just $200, he purchased an estimated 1,000-square-foot dirt plot in Joshua Tree, California.
“The thing about being in Gen Z is that, generally, we quite literally own nothing,” he told Insider. “We’re not homeowners; we don’t own a ranch, a vacation home, any kind of property at all. If we’re living on our own, it’s in someone else’s house or apartment.”
His section of the desert has “more than enough space” to fit his meager belongings, which included a fire pit, a plastic chair and a hammock equipped with a covering.
Yancey, who gave his followers a tour of his open-air living quarters in a viral TikTok clip, purchased the land from Minute Land Co., a company that sells small plots of land seemingly in the middle of nowhere.
“Basically, they just have, like, a ginormous property here, and then they cut it up into tiny little pieces and sell all of them for 100, 200 bucks,” the 21-year-old said in the video, which has amassed 1.8 million views this week.
On a usual night in Joshua Tree, the Los Angeles native cooks a hearty dinner of ramen and sits by the fire before packing it all up the next morning, as the desert is not his permanent home but, rather, a barren getaway.
“The funniest thing or the coolest thing about the way they sell these plots is that, you know, inevitably you’ll end up with a little plot neighbor next to you,” he explained of his surroundings.
Fellow landowners can build small fences, set up lights or place mailboxes in their mini, secluded neighborhood.
“It’s far from a luxury vacation spot, but I feel like, in a way, it accomplishes much more for you than one,” Yancey told Insider. “My takeaway is that solitary time in a unique environment is a valuable experience, and if people are inspired by my experience and try it, I succeeded.”
While Yancey praised his humble plot of dirt, TikTokers quipped it was the epitome of “home ownership in 2023.”
More than half of Gen Zers chose to live at home with their parents because of the economy according to a report from Harris Poll from last year.
“Like, I don’t know how people live on their own right away after graduation,” Florida native Nada Torbica, 22, previously told The Post.
The median price for a home rang in at $374,975 last month, a 3.4% increase year over year and an alarming trend that could be pushing Gen Z out of home ownership.
Data from Go Banking Rates revealed that each generation is buying fewer homes than the last. As of January, the home ownership rate for millennials was just over 48%, which was more than 20 points lower than previous generations.
Hiked interest rates make homeownership less appealing and affordable, forcing young adults into a ruthless rental market. In New York City, for example, the median rental price was a whopping $4,175 as of April.
“If you’re a millennial, you’re Gen Z, you’re hopeless right now. You’re feeling cynical,” George Kamel, “The Ramsey Show” co-host, said on a panel earlier this month.
“So I want to give them some hope that it’s possible for them, but you got to put away the FOMO because your parents are saying, ‘You’re throwing away money on rent, get a house, get a house, get a house,’ and you’re broke.”
However, “rent and mortgages are not apples to apples,” Kamel argued, as homeowners incur expenses on taxes, insurance and more.
Real Estate – Latest NYC, US & Celebrity News
