Two recently released reports indicate that both young adults (Millennials) and teenagers (Generation Z) still see homeownership as an important piece of their future success.
A report by The Demand Institute, Millennials and Their Homes: Still Seeking the American Dream, revealed that the Millennial Generation is optimistic about their financial future and still believe in homeownership. The findings were based on a survey of millennial households (ages 18 to 29).
The report predicted that:
8.3 million new Millennial (Gen Y) households will form in the next five years
$1.6 trillion will be spent on home purchases by Millennials and $600 billion on rent over the next five years
Millennials optimistic about their finances and homeownership
Of those surveyed:
74% expect to move within the next five years
79% expect their financial situation to improve
75% believe homeownership is an important long-term goal
73% believe homeownership is an excellent investment
24% already own their home and
An additional 60% plan to buy a home in the future
44% do think it would be difficult to qualify for a mortgage
What about the next generation (today’s teenagers)?
A recent survey by Better Homes and Gardens® revealed that Generation Z (teens ages 13-17) is very traditional in their views toward homeownership and is willing to sacrifice to attain the American Dream.
Findings from the survey show:
82% of Gen Z teens indicate that homeownership is the most important factor in achieving the American Dream.
89% said owning a home is part of their interpretation of the American Dream
97% believe they will own a home
77% percent chose owning a home over owning a business
It seems that the belief that homeownership as a huge part of the American Dream still beats in the hearts of the young people of this country.