As a Millennial, I enjoy writing about how our generation is finally coming into our own, and making a splash in the housing market. However, Generation Z (currently 18 to 25) are poised to enter the housing market as well. According to a Realtor.com survey of 700 members of generation Z who have not purchased a home yet, the numbers are informative.
Nearly 75% of the survey responded that they would rather own a home than rent, acknowledging that homeownership is the only true way to build wealth. 43% of those surveyed hoped to purchase their first home within the next five years, while an additional 44% hoped to do so in the next ten years. While the vast majority of Generation Z has not entered the market in earnest, it is important to keep in mind that they will be entering that market soon.
Notably, Generation Z does not appear to be as enamored with big-city life as the previous generation. 49% of those surveyed stated a preference for the suburbs, and another 19% stated that they’d prefer a rural setting. This continues the trend, started by Millennials, of leaving major metropolitans in favor of smaller suburbs.
While Generation Z is just beginning their professional journeys, and therefore their ability to purchase homes, it is important to understand what this demographic is looking for in a home.
At the Chernov Team we understand that knowledge is power, and knowledge of demographic-based preferences in homes is powerful knowledge indeed. At the Chernov Team we know that whoever comes to the table most prepared leaves with the most, and the Chernov Team always leaves the table with the most.
Realtor.Com Survey Shows Generation Z Has Different Home Buying Preferences Than Previous Generations
