Yes, Gen Z is Interested in Homebuying

After years of being focused on Millennials and their housing needs, the industry is looking at the next generation of homebuyers – Gen Z, those born after 1996. 

 

Gen Z values homeownership, and 72% want to buy a house in the future, according to a Realtor.com® survey.

 

This generation will be moving into their homebuying years – some already are buying – so it's worthwhile to start getting a sense of what makes this group tick and what its members will be looking for in a future home. 

 

If you're outside a city and have been worried about selling a suburban house to one of these young adults in the near future, fear not. It turns out that they're not obsessed with urban living. 

 

Realtor.com® found that 51% are suburban dwellers right now, and it's also where 49% of Gen Z wants to live when they're ready to buy a house.

 

Just 35% of Gen Z adults live in urban centers, and only 32% of those who want to buy at some point plan to purchase a home in a high-density downtown.

  

Some other takeaways include: 

 

• Forty-five percent are saving for a down payment.
• Ten percent would like to buy within two years, and 33% want to buy in the next 2 to 5 years.
• Forty-four percent expect to buy in 5 to ten years. 
• Thirteen percent think it will take ten years or more, says the Realtor.com^® survey. 

 

Other organizations are looking at Gen Z too. Though Mary Cook can identify distinct housing design desires of other generations, she says it's too early to pin down how Gen Z's generational characteristic will translate to housing. 

 

Still, her psychographic white paper, "Psyched About Psychographics," indicates that Gen Z members are a self-reliant, innovative, and goal-oriented group, and reaching them through social media will be a must. 

 

"Gen Zers are multitaskers. If a website isn't connected to social media platforms, it's likely you'll miss reaching them. You can never be too 'social media' with this generation. They have little patience for things that don't grab their attention immediately. They'll jump from brand to brand, so you need to stay on your toes! It's imperative to stay current on trends and social media platforms," she writes.  

 

Pew Research is another group working to understand Gen Z. It has found that this generation is more racially and ethnically diverse than all previous generations, its members are progressive and pro-government, and they may end up being the best-educated generation yet. 

Are you a Gen Zer looking to buy a home? Let us know how our team at Greenwald & Gerke can help!

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