Here comes Generation Z
Generation Z, the post-millennial generation, is ready to enter the housing market.
According to a study conducted by the National Association of Realtors, nearly 97% of Generation Z believe that they will own a home in the future and 82% believe that homeownership is an important part of the American Dream.
Millennials are entering a prime homebuying age but it’s at a time when wage growth has been weak and housing costs are on the rise. However, the generation has increased its homeownership to nearly 37% of the market, according to Freddie Mac.
While Generation Z is entering early adulthood, they are closely matching millennial aspirations for homeownership in the near term. A recnt survey conducted by Property Shark – a real estate information agency – revealed that 83% of respondents ages 18 to 23 saw themselves entering the real estate market within 5 years. About 87% of millennials feel similarly.
The key to home ownership growth among Generation Z is they are willing to purchase cheaper homes at younger ages. The Property Shark survey also found that 47% of Generation Z homeowners paid less than $10,000 for a down payment while 93% saved for a down payment in less than 5 years.
According to the National Association of Realtors, Generation Z are twice as likely than previous generations to begin saving for a home by the age of 25.
According to a study conducted by the National Association of Realtors, nearly 97% of Generation Z believe that they will own a home in the future and 82% believe that homeownership is an important part of the American Dream.
Millennials are entering a prime homebuying age but it’s at a time when wage growth has been weak and housing costs are on the rise. However, the generation has increased its homeownership to nearly 37% of the market, according to Freddie Mac.
While Generation Z is entering early adulthood, they are closely matching millennial aspirations for homeownership in the near term. A recnt survey conducted by Property Shark – a real estate information agency – revealed that 83% of respondents ages 18 to 23 saw themselves entering the real estate market within 5 years. About 87% of millennials feel similarly.
The key to home ownership growth among Generation Z is they are willing to purchase cheaper homes at younger ages. The Property Shark survey also found that 47% of Generation Z homeowners paid less than $10,000 for a down payment while 93% saved for a down payment in less than 5 years.
According to the National Association of Realtors, Generation Z are twice as likely than previous generations to begin saving for a home by the age of 25.