Realtor.com has just released it’s findings from a demographic survey earlier this Spring that found Generation Z puts great value in homeownership. Partnering with HarrisX to survey a national sample of Gen Z adults, ages of 18 and 24, who were not active in real estate markets as buyers or sellers, Realtor.com found that while many surveyed were still establishing their professional careers, 43 percent of Gen Zers expect to buy a house within five years—and 45 percent are already saving for it.
In terms of buying or renting, 71 percent of Gen Z adults plan to move within the next five years, with 72 percent having plans to buy a house in the future. Additionally, More than half of Gen Z currently live in suburbs and prefers them to downtowns.
The survey notes that the COVID pandemic has had minimal effect on homeownership aspirations. Some 26 percent indicated that they were more interested in buying post-pandemic.
The top reason Gen Z would-be buyers want to get in on the market is the expectation of moving in with a partner and/or starting a family. Rounding out the top three reasons for buying are the need for more space, and the desire to save money on paying rent.
Read more on the survey by clicking here.