59% plan to buy before age 30
Generation Z (those born after 1995) is not expected to enter the housing market for another five to 10 years.1 However‚ it’s apparent this demographic already has its eye on homeownership.2 Take a look:
- This generation’s eagerness to buy surpasses that of preceding generations at the same age. More than half of those 18–23 say they are already saving for a home while 59% plan to buy before 30.
- Roughly 14 million Generation Z members 18 and older are using credit‚ including some who already have mortgages.
- Though the group still only represents 0.5% of current mortgages‚ the number of home loans is on the rise – up 112% over the last year.
As Generation Z continues to age – and spend – I hope to keep you updated on their preferences.
1Greg Sandler‚ “Beyond Millennials: Generation Z buyers are poised to upend the housing market‚” Realtor.com‚ last updated June 14‚ 2018.
2“Gen Z: They’re not too young to buy a home‚” REALTOR®Magazine‚ last updated August 16‚ 2019.
