Two recently released reports indicate that both young adults (Millennials) and teenagers (Generation Z) still see homeownership as an important piece of their future success.
A report by The Demand Institute, Millennials and Their Homes: Still Seeking the American Dream, revealed that the Millennial Generation is optimistic about their financial future and still believe in homeownership. The findings were based on a survey of millennial households (ages 18 to 29).
The report predicted that:
- 8.3 million new Millennial (Gen Y) households will form in the next five years
- $1.6 trillion will be spent on home purchases by Millennials and $600 billion on rent over the next five years
Millennials optimistic about their finances and homeownership
Of those surveyed:
- 74% expect to move within the next five years
- 79% expect their financial situation to improve
- 75% believe homeownership is an important long-term goal
- 73% believe homeownership is an excellent investment
- 24% already own their home and
- An additional 60% plan to buy a home in the future
- 44% do think it would be difficult to qualify for a mortgage
What about the next generation (today’s teenagers)?
A recent survey by Better Homes and Gardens® revealed that Generation Z (teens ages 13-17) is very traditional in their views toward homeownership and is willing to sacrifice to attain the American Dream.
Findings from the survey show:
- 82% of Gen Z teens indicate that homeownership is the most important factor in achieving the American Dream.
- 89% said owning a home is part of their interpretation of the American Dream
- 97% believe they will own a home
- 77% percent chose owning a home over owning a business
It seems that the belief that homeownership as a huge part of the American Dream still beats in the hearts of the young people of this country.
For your young buyers that may be on the fence, send them the newly released Fall edition of “Things to Consider When Buying a Home” available now in the KCM Members Area. Help them see that now may be the time to make a move!
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