Generation Z, which is comprised of today’s 13- to 17-year-olds, sees owning a home as the single most important factor in achieving the American Dream — even more important than graduating from college or starting a family.
What’s more, the study of 1000 teens shows that 97 percent expect to be homeowners in the future. On average, Generation Z expects to own two homes over the course of their lifetimes and to buy their first home when they are 28 years old. As for the cost of their first home? The now-teens anticipate an average price tag of $274,323.
This group not only values homeownership, but also says it’s willing to make sacrifices now in order to attain their ideal home in the future. Of those surveyed, 53% said they would give up social media for a year in order to get their dream home, while the same percentage would do twice as much homework every night and 42% would go to school seven days per week.
“Today’s teens are fiscally literate and realistic when it comes to their future,” said Sherry Chris, president and CEO of Better Homes and Gardens Real Estate. “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 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.”
Of course, while these teens would be willing to forgo social media and buckle down academically, just 39% said getting their dream home would be payoff enough to take their mom or dad to prom.
The release of the study is available here: Move Over Millennials, Better Homes and Gardens Real Estate Reveals Homebuying Dreams of Gen Z Teens.