You know those Millennials and how they want their mortgages with cheap rates and minimal down payments. They want speedy pre-approval and closings with no hiccups. And they want it all right now.
If that seems demanding, well, that’s the Millennial generation for you. The interesting news is, according to a recent survey by Better Homes and Gardens Real Estate, Generation Z is more willing to make sacrifices to achieve home ownership. That’s right: The same generation that knowingly misspells words all over Twitter and Facebook is willing to sacrifice more than the “y” and “o” in “your.” They say they’re willing to sacrifice social media access (HORRORS!) in order to own a home.
“We have a clear view of tomorrow through our Millennial consumer research – now it’s time to look at the day after tomorrow,” said Better Homes and Gardens Real Estate president and CEO Sherry Chris. “Today’s teens are fiscally literate and realistic when it comes to their future. It’s quite profound that a generation that has never known a world without social media is willing to give up such a staple in their modern lives to achieve their dream home. With such mature insights at such a young age, Gen Z could very well be primed to be the next great generation.”
According to BHGRE’s survey:
- 97% of Gen Z think they will own a home in the future
- 82% indicate that homeownership is the most important factor in achieving the American Dream
- 53% would be willing to give up social media for a year
- 39% would take their mom or dad as their date to the biggest night of their life up to this point – their high school prom!
- 77% chose owning a home over owning a business
- Of the 97% who believe they will own their own home, they estimate paying on average $274,323 to purchase their first home
- Seems they are doing their homework (or just spending countless hours playing MineCraft) and are well-informed, since the latest US Census data finds the median cost of a home today is $273,500
- 51% believe they know more about saving money compared to their parents at the same age
Now, just because they say they would sacrifice access to social media doesn’t mean that they’ll give up being online, as 95 percent of Gen Z says they’ll do most of their home shopping on the internet. Almost 60 percent say they plan to listen to their parents (FOR ONCE!) when it comes to buying a home, thanks to the experience they gained from the Great Recession. Additionally, this generation is considered a “generation of entrepreneurs,” so plan on seeing a lot more complicated income sources on those loan applications.
What do you think?