The Dream of Homeownership is Alive and Well with Generation Z
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The Dream of Homeownership is alive and well with Generation Z |
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| You see a lot about Millennials in the news, however there’s another emerging group to be aware of… Gen Zers. Let’s take a look at what the next wave of future homebuyers will look like!
Although Millenials currently represent the majority of first-time homeowners, over the next several years, Gen Zers (those currently between ages 14-23) will be steadily entering the market as well. |
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| A recent Freddie Mac survey found “the dream of home ownership is alive and well,” amongst this group. However, even though they are in tune with the upsides of buying a home, naturally, Gen Zers have some questions. | |
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Below, you’ll find the full scoop on how this generation looks at home ownership and their potential path to achieve it: |
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| #1- Gen Zer’s Biggest Motives for Desiring a Home: As noted in the Freddie Mac survey, “The majority of ‘Gen Z’ see homeownership as something to be proud of (93%), a sign of success (86%), something that provides privacy (93%), and providing independence and control (86%).”
#2 – Gen Zer’s Level of Financial Awareness: While a majority of Gen Z report receiving a financial education at home, 65% of those who responded to their survey were not confident in how the mortgage process works.
How do they plan to overcome that? “To learn more, 71% of Gen Z would consult with a parent, 58% with a real estate agent, 54% with the Internet, 45% with other family and/or friends, and 41% with a bank more mortgage lender,” notes Freddie Mac. Before you think Gen Zers do everything on their phones, survey results surprise us that 79% of Gen Zers prefer conducting the homebuying process face-to-face with professionals. Not everyone wants to push a button to find a home or get a mortgage. #3 – The Age Gen Zers Estimate Having a Home (and Their Main Concerns for Achieving This Milestone): The average age Gen Zer respondents self-estimate their first home purchase taking place is 30 years old. |
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| As for what they feel the biggest potential obstacles of doing so will be, Freddie Mac notes responses include, “home prices (92%), saving for a down payment (82%) and unstable job or job change (68%). For those who plan to pay for college, student debt is considered a major obstacle (54%). |
Published on 2020-02-05 06:59:16
