Three-quarters of Generation Z adults said owning a home in their lifetime is very important.
But when? While nearly 88% of Generation Z members (those currently aged 7-22 are considered Generation Z, for this survey, those aged 18 to 21 were included) surveyed in a recent Porch report think they will own a home, compared to just 83% of millennials, they aren’t in a particular hurry. Only about 40% think it is important to own in the next 10 years. But they mostly agree that’s a positive goal to have, as 85.6% said that owning a home is a good investment, and 78.9% think the housing market will rise over the next decade.
In fact, Generation Z reported that housing in the U.S. is the second safest investment over the next 10 years, behind only keeping money in a savings account.
For the 12.3% of Generation Z who do not believe they will ever be a homeowner, the biggest obstacle they foresee is affordability, and that’s according to nearly 73.4%. Other obstacles included too much responsibility, according to 44.6%, not wanting to settle in one location, according to 33.8% and not having an interest in owning, said 33.1%.
Generation Z reported being more apprehensive about the future than baby boomers, Generation X and millennials. More than 76% of Generation Z said another housing crisis will happen in their lifetime, while 50% predict one will happen in the next decade. Nearly half of Generation Z said they “fear” the housing market. Thirty-two percent said the 2008 housing crisis has made them fearful of purchasing a home in the future.