More Optimistic Than Millennials, Generation Z Is Here to Revolutionize the Housing Market
To better understand the difference in attitude between Generation Z, Millennials and Generation X towards homeownership, intergenerational living and saving for a down payment, PropertyShark conducted a generational survey on their preferences.
- Generation Z has its eye on homeownership, with 83% planning on buying a home within the next 5 years
- College debt is the #1 obstacle towards homeownership for Millennials and Generation Z
- Generation X chooses intergenerational living to care for relatives more often than any other generation
- Generation Z is willing to compromise on almost anything to keep costs down – but dreams of lots of space and amenities
- Generation Z to pose serious competition to Millennials on the real estate market
- Millennials are more realistic about their means, and the most pessimistic about the prospect of homeownership
College debt remains the #1 obstacle for Generation Z and Millennials
Generation Z’s aspirational lifestyle spurs amenities arms race
Living at home is all about practicality for Generation Z
For this study, ProperyShark surveyed 2,134 U.S. renters, owners and people living with family via Amazon’s Mechanical Turk. The respondents were asked individual questions about savings, home ownership, amenity and community preferences, as well as some demographic data such as employment and marital status. Our survey sample size has a 3% margin of error and a 99% confidence level.
PropertyShark defined Gen X as those born before 1980, Millennials as those born between 1981 and 1994, and Gen Z as those born between 1995 and 2010. All survey respondents were over the age of 18. As such Gen Z respondents only include those born between 1995 and 1999.