Be On The Lookout For Gen Z The Next Generation Of Homebuyers

Dated: October 16 2019

Views: 122

You’ve likely heard a ton about Millennials, but what about Gen Z? In the next 5 years, this generation will be between the ages of 23 and 28, and they’re eager to become homeowners faster than you may think. 


 According to realtor.com, “Nearly 80 percent of Generation Z members say they want to own a home before age 30,” and Concentrix Analytics said, “52% of prospective Gen Z buyers are already saving to buy a home.” 


 Wikipedia defines Generation Z (Gen Z) as “the demographic cohort after the Millennials. Demographers and researchers typically use the mid-1990s to mid-2000s as starting birth years.” 


 The report from Concentrix goes a little deeper on Gen Z, identifying the main reasons this cohort wants to own homes: 

  •  55% want to own a home because they want to start a family 

  • 47% want to build wealth over time 

  • 33% want to make their family proud 


Although they’re eager to buy, this generation also perceives a few challenges ahead: 

  •  66% believe saving for a down payment and closing costs will be challenging 

  • 58% feel covering the monthly costs of owning may be difficult 

  • 52% perceive a lack of knowledge about where to start 


It is also interesting to note that 21% of Gen Zers think their parents will provide financial help, 17% will use a down payment assistance program, and 15% believe other family members will help them. One of the highlights of the report mentioned,

 “More than half of Gen Zers who think they’ll receive help also think they will need to pay their parents back, compared to 40 percent of millennials.” 


 Bottom Line 

It is never too early to start saving for your own home, whether you are part of Gen Z or a different generation. If you would like to know where to start and how much you need to save to reach your goal of buying a home, contact a local real estate professional to help you to understand the process.

Blog author image

Richard Bradley

Richard Bradley specializes in residential real estate sales and property management services. I am committed to helping homeowners, buyers & investors with their real estate needs. I spend my time in....

Latest Blog Posts

Can You Define These Key Terms In Our Current Housing Market

Pop Quiz: Can You Define These Key Terms in Today’s Housing Market? [INFOGRAPHIC]Some Highlights The language of buying and selling a home may sound scary at first, but knowing how key terms

Read More

Housing Supply Is Rising What Does That Mean For You

An important factor in today’s market is the number of homes for sale. While inventory levels continue to sit near historic lows, there are indications we may have hit the lowest point we

Read More

Whats Motivating People To Move Right Now

This year, Americans are moving for a variety of reasons. The health crisis has truly reshaped our lifestyles and our needs. Spending so much more time in our current homes has driven many people to

Read More

May 26 2021 68168 1

The last year has put emphasis on the importance of one’s home. As a result, some renters are making the jump into homeownership while some homeowners are re-evaluating their current house and

Read More