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Be on the Lookout for Gen Z: The Next Generation of Homebuyers

Tuesday, October 15, 2019   /   by Jessa Mae

Be on the Lookout for Gen Z: The Next Generation of Homebuyers

Be on the Lookout for Gen Z: The Next Generation of Homebuyers


Be on the Lookout for Gen Z: The Next Generation of Homebuyers | MyKCM



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, let’s get together so you can better understand the process.


-- Thomas March Home Selling Group --- Proudly with Keller Williams Realty
Thomas March
548 Gibson Drive, Suite 200
Roseville, CA 95678
916-529-5342
DRE# 01427654

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