Dive Brief:
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The millennial generation—in their 20s and early 30s—has collectively shied away from homeownership because of college debt and a lack of confidence in their chances of keeping their jobs. Their younger brothers and sisters, however, are planning to pursue the American dream—or at least that’s what they’re saying now.
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A survey by Better Homes and Gardens Real Estate reveals that most 13- to 17-year-olds plan to buy homes when they’re old enough. And they plan to do their legwork online.
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In fact, 92% of the 1,000 teens in the survey called homeownership the linchpin of the American dream, and 97% said they expect to own their homes, which they estimate will cost an average of $274,000. In fact, the Census Bureau puts the current median home price at $273,500.
Dive Insight:
Builders can prepare for the possible influx of young buyers in the coming years by offering more of the home buying process online: posting home listings; creating virtual tours; and encouraging Realtors to engage with home shoppers via video chats. Still, just 19% of the teens in the survey said they would purchase their homes online. It will be worth tracking this generation as they move on to college and see if their ideal of the American dream remains intact.