In buyer-centric real estate news, Gen Z is arriving on-scene, surprising the realty-selling masses with the fact that they’re already old enough to buy homes. New to the housing market, they are the largest generational group in the U.S., now comprising more than 21% of the American population.
How Does Gen Z Differ from Previous Generations?
Born from 1995-2010, the oldest, now 23-years-old, are entering the housing market as renters. Sharing the same opinion as previous generations, they continue to view home ownership as the American dream. According to BHG Real Estate, 97% believe they will own a home, with 57% considering buying while looking for their last rental.
Gen Z Shopping Tendencies:
– Limited Attention Spans
Generation Z is fast to fill out a rental app, but not much for the home search, spending less than a month seeking new housing.
– Strong Family Influence
Despite their social tendencies, Gen Z looks at online reviews as the opinions of strangers. Friend/family endorsements are trusted, with parents heavily influencing purchases.
– DO Want an Agent
Despite this perpetually Tweeting, Snapchatting culture, real estate news points to Gen Z as true tire-kickers, preferring to shop in-person and surprisingly, not online. 81% expect to enlist the help of an agent in the home buying process.
– Need Space
Gen Z craves square footage, with a bedroom for each kid, guest room, and even movie/game rooms – perhaps a reflection of their squeezed, multi-generational upbringing.
– Still Want to Stay Connected
Despite a desire for space, they crave communal amenities geared at bringing people together, and prefer living with others to living alone.
– Aren’t Impressed by New, Builder Grade Homes/Materials
Having grown-up glued to HGTV, Gen Z buyers are well-versed on homebuilding materials, and desire hardwood floors, granite counters, and high-end appliances.
How will the aspirations and preferences of Gen Z buyers continue to morph the national housing market? Stay-tuned for the latest real estate news from Properties Online.