A new survey of Gen Z Americans found one in five (16%) members of this youthful demographic declaring housing affordability to be one of their greatest concerns in life.
The new Realtor.com survey, which polled 1,000 adults between the ages of 18-27, found 82% of respondents lamenting that homebuying is harder for their generation compared to previous generations. Roughly two-thirds (67%) of respondents said homeownership is a somewhat or very important lifetime goal of theirs, while 69% believed real estate is an opportunity to generate wealth and 51% considered it to be a somewhat or very important part of the American dream.
However, while 46% of respondents feel at least somewhat ready to buy a house, only 36% believed they had the financial wherewithal for that responsibility. Half of the Gen Z respondents (49.5%) prioritized career advancement ahead of buying a house, getting married or having kids – with 52% of Gen- Z women surveyed desiring career advancement first, compared to only 45% of Gen Z men surveyed.
“Gen Z has grown up during a time of rapid change in the housing market, and they’re approaching homeownership with clear eyes,” said Danielle Hale, chief economist at Realtor.com. “They know affordability is a major hurdle, but they’re not giving up on the dream of owning a home. Instead, they’re adapting, focusing on career growth, saving early, and being realistic about what they can afford. That determination and flexibility will serve them well as the market evolves.”
We baby boomers had the same concerns. It’s all relative to each generation. Some of us non wealthy boomers bought homes that needed fixing up or homes due to their lower prices in decent areas but adjacent to fringe much lower priced areas. Some of us did gentrification buying and personal fixing up but in today’s market and over the past 15 years that has intensified via investors and builders for these latest generations. I remember when 9.5% was an unbelievable great rate for housing. Times have changed but the desire to own a little piece of real estate still has appeal to many in my opinion.