Who are Generation Z and Could They Reshape Real Estate?
Generation Z is comprised of teens currently aged 13 – 17. This is a generation whose entire world and self-views are crafted by technology, immediate access. According
To the survey, ninety-seven percent of about 1,000 Gen Z believe they’ll own a home in their lifetime. And four out of five say that homeownership is the most important factor in achieving the American Dream.
“They recognize that homeownership is a sound investment and believe that it is more secure than the stock market.”
While still in their teens, Generation Z still says they’d make big sacrificesd to achieve homeownership: 53% say they’d be willing to give up social media for a year if it meant getting their ideal home in the future. They’d also be willing to complete twice as much homework every night, go to school seven days a week and even take their Mom and Dad to prom for the sake of owning a home.
Before they’ll be ready to purchase their first home, Generation Z teens say they plan to reach certain milestones in life first, like earning an advanced college degree, getting married, owning a pet and having children.
Forty seven percent say their future home will likely be located in a suburban neighborhood. They also want to stay near where they grew up, but only 17% believe their ideal home would be located in the same city or town.
Their gravitation to the digital world will likely have a huge impact on how they shop for homes. Searching on line to view home listings and taking virtual tours will be top behaviors. But they’ll still likely call on a Real Estate Agents for help.
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