26 Aug Move Over Millennials: Introducing Gen Z
Move Over Millennials: Introducing Gen Z
The newest group of buyers to hit the market is Generation Z, and even though they are the first generation to who doesn’t know the world without technology, their buying trends are taking the market by surprise – and nine out of ten Gen Z adults plan to use an agent to buy their home. Let’s take a look at what they want.
Who is Gen Z? Generation Z are those individuals who were born between 1995 and 2012. The oldest of this generation are entering their twenties and homeownership is on the horizon, but they are considered tech-savvy, unlike any other generation. Also, worthy to note that Gen Zer’s are more independent, educated and an entrepreneurial spirit after witnessing their parents or siblings struggle financially. In addition, they are the most diverse group with forty-eight percent are racial or ethnic minorities.
Gen Z and Homeownership: The current national homeownership rate is sixty-four percent but when asked, almost eighty-six percent of Generation Zer’s plan to buy a home. Unlike the Millennials who waited to buy a home due to financial struggle, sixty-two percent of Gen Zer’s plan to purchase before their thirties. Also, worth noting is that seventy-one percent of Gen Zer’s said that the most important factor when buying a home was the proximity to work, followed by proximity to family and friends and lastly an area with low crime.
Generation Z’s Concerns: It is no secret that the Millennial Generation has struggled to afford a home, this will also be a continued struggle for Generation Z, as the home prices are increasing faster than the salary of most entry-level jobs. The majority of Gen Zer’s believe they need to save for a minimum of three years for a down payment, unaware of programs that are available, in addition to a believe that they need eleven to nineteen percent for a down payment.
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