Move over, Millennials. There’s a whole new wave of homebuyers entering the market.
For those of you out there who believe the American Dream is dead and gone, we would like to introduce you to Generation Z. Also known as “Post-Millennials” or the “iGeneration,” these individuals — who include anyone born between 1995 to 2019 — are breathing life back into the home buying market.
Think we’re crazy? Do the math: the elder members of Gen Z are approaching the age of 25. Unlike their predecessors, they have never known a world without digital connectivity. Many are coming out of college with more potential earning power than previous generations. And perhaps most important, the vast majority of them were not old enough to have struggled through the housing crisis of 2008, which caused many to doubt the security and stability of ownership.
But don’t just take our word for it, look at the numbers. Two recent studies — one by realtor.com, another by Concentrix Analytics — surveyed adult Gen Zers ages 18 – 24. Their findings paint a picture of a primed and positive generation, one who is better prepared to enter the market, both emotionally and financially.
According to realtor.com, 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. But perhaps even more telling, the study shows they’re also two times more likely than previous generations to be saving for a home by the age of 25.
The Concentrix survey took things even further, revealing that the majority of prospective Gen Z homebuyers between the ages of 18 and 23 want to buy within the next five years, ensuring that they are homeowners before they turn 30. Fifty-seven percent said that their main reason for wanting a home was so that they could start a family. Forty-seven percent listed “building wealth over time” as their primary motivation.
No matter their motivation, everyone still needs an expert real estate professional in their corner when buying a home. d’aprile properties is here to provide you with the highest level of real estate services. Our highly-trained and personally motivated agents will help ensure that all of your dreams of homeownership come true.