The Wish List of Your Future Buyers: Gen Z

The Wish List of Your Future Buyers: Gen Z

Many within today’s generation of teens, 21 million strong, say theyโ€™ll be willing to give up modern luxuries for a more mainstream view of the American dream of homeownership, according to a new study from Better Homes and Gardens Real Estate, which reveals the home ownership wish lists of the children ages 13 to 17, part of Generation Z.

Eighty-nine percent of Gen Z teens surveyed say owning a home is part of what they believe the American dream is, followed by graduating from college (78%); getting married (71%); and having children (68%).

Theyโ€™re optimistic that theyโ€™ll become home owners one day, too. Ninety-seven percent say theyโ€™ll own a home one day, and they say theyโ€™d even be willing to make some unusual sacrifices in order to put them on the path to home ownership. For example, 53 percent say theyโ€™d be willing to give up social media for a year or would be willing to do twice as much homework every night in order to become a home owner one day. Forty-two percent would go to school seven days a week, and 39 percent would even be willing to take their mom or dad to their prom if it meant they could be a home owner one day, the survey showed.

โ€œWe have a clear view of tomorrow through our millennial consumer research; now itโ€™s time to look at the day after tomorrow,โ€ says Sherry Chris, president and CEO of Better Homes and Gardens Real Estate. โ€œTodayโ€™s teens are fiscally literate and realistic when it comes to their future. Itโ€™s quite profound that a generation that has never known a world without social media is willing to give up such a staple in their modern lives to achieve their dream home.โ€

Among other findings from the study:

  • The majority of the Gen Z teens surveyed say they are aiming to own their first home by age 28, which is three years earlier than the median age of first-time home owners. But before they purchase their first home, they expect to have an advanced college degree (60%), gotten married (59%), own a pet (58%), and have children (21%).
  • Of the 97% who say they will own a home one day, they estimate paying an average $274,323 for their first home.
  • 95% of Gen Z teens surveyed say they believe they would start their future homebuying process online. They would view home listings and take virtual tours, but 29 percent also say theyโ€™d expect to be able to video chat with real estate agents.
  • 59% say they believe they will undertake the search process for their future home with a real estate professionalโ€™s help.
  • 47% of respondents say theyโ€™ll likely pick their future home in a suburban neighborhood, followed by 23 percent who say they’ll choose a city and 20 percent who say they’ll live in a country or rural area.

Source: Better Homes and Gardens Real Estate

 

I like the sound of that!

I read this article at: http://realtormag.realtor.org/daily-news/2014/09/10/wish-list-your-future-buyers-gen-z?om_rid=AACmlZ&om_mid=_BUEI4dB88V4GC6&om_ntype=RMODaily

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Sabrina Caton - The Caton Team Realtors

A native Californian with a passion for residential real estate and writing. A full time Realtor with Berkshire Hathaway HomeServices - Drysdale Properties.

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