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Generation Z: Most Strive to be Homeowners

By: Kelly Leighton on in

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.

Love Letters: Full of Risk or Reward?

When the market gets hot, buyers focus on what they can put in an offer package that someone else cannot. That leads to considering writing what some people call a love letter, a letter drafted by the buyer to the seller explaining why they think they are the right buyer for the property. The love letter has a lot of different potential issues, which can vary depending on what side of the deal someone is on.

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