top of page

The Biggest Must-Have for Gen Z Homebuyers



About two-thirds of Generation Z, born between 1997 and 2012, believe it’s still possible to become homeowners, according to a recent Realtor.com® survey. But for these budget- and convenience-minded buyers, the oldest of whom are turning 27 this year, breaking into the market when home prices and mortgage rates are so high is a challenge. So they’re willing to make trade-offs in the size, location, and amenities of the home—except when it comes to laundry.

 

Gen Z has developed a reputation for being more frugal than prior generations. The oldest came of age during the Great Recession in the late 2000s, and many saw their families struggle. And as these younger folks are just getting started professionally, they typically earn less than their millennial and Gen X peers.

 

So it’s not surprising that with the cost to purchase a home so high, Gen Z is looking to save wherever they can. That might help to explain why owning a large home isn’t as important to this generation, say real estate and generational experts.

 

Gen Z members are open to choosing apartments, condos, or townhouses over single-family homes because smaller units are cheaper and easier to maintain.

 

This generation wants to ensure that every square foot counts with rooms in their homes being functional and multipurpose. Many are looking for properties with home offices or quiet areas where they can log in for the day.

 

What’s Important:
  • Home technology and access to [high-speed] internet.

  • Newer roof and HVAC systems.

  • Having a washer and dryer is a must.

  • 61% wouldn’t move into a place without a dishwasher.

  • 50% require a private outdoor space.

 

Gen Zers want to live near gathering places where they can be with other people. They’re likely to be looking for areas where they can go out over the weekend to a restaurant or brewery, and enjoy other nearby experiences.


What Gen Z is willing to give up:
  • Garages

  • Large kitchens

  • Expensive urban environments

 

However, this doesn’t mean that Gen Z won’t eventually gravitate toward big cities when their careers take off. Many might even wind up buying those big homes in the suburbs as their salaries rise, housing costs come down, and they start having families—just like the millennials and prior generations.

 


Comentarios

Obtuvo 0 de 5 estrellas.
Aún no hay calificaciones

Agrega una calificación
bottom of page