Dive Brief:
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Generation Y—the millennials—might not be in a hurry to become first-time homeowners, but their younger brothers and sisters plan to buy property as soon as they’re old enough.
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A survey of 1,000 teenagers by Better Homes and Gardens Real Estate showed that members of Generation Z have traditional values—including the desire to put down roots and own property. Four out of five of the youngsters in the survey said they view homeownership as crucial to achieving the American dream.
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The survey showed 98% of the teens believe they will own homes, and overall they plan to buy their first ones by age 28, three years younger than the median age of first-time homebuyers.
Dive Insight:
The survey results indicate that the homebuying goals of Gen Z teens are more than youthful optimism. More than half of the survey respondents said they would be willing to make sacrifices now in order to own a home in the future—including giving up social media for a year.
And the next generation might be better at saving for the things they want than their millennial siblings: 61% said they have savings accounts and 51% said they believe they understand money better than their parents did at their age.