A new study by Better Homes and Gardens Real Estate reveals that Generation Z, teens ages 13-17, hold traditional views on homeownership, and are willing to give up modern luxuries for the mainstream definition of the American Dream.
Nearly all of the teens surveyed (97 percent) believe they will own a home, and four out of five (82 percent) indicate that homeownership is the most important factor in achieving the American Dream.
Highlights from the study include:
- These potential home buyers aim to own their first home by age 28 – three years earlier than the median age of first-time homeowners, according to NAR.
- More than half (51 percent) of Gen Z believe they know more about saving money compared to their parents at the same age.
- While city living tends to appeal to young generations looking for a variety of career, entertainment, and social opportunities, nearly half (47 percent) of respondents said their future home will most likely be located in a suburban neighborhood, followed by a city (23 percent), country or rural areas (20 percent), and destination locations (10 percent).
- On average, this generation plans to own just two homes in their lifetime. When it comes to prioritizing square footage versus amenities, it’s nearly a 50/50 split.