The oldest segment of Generation Z [Gen Z] is 24. While Millennials represent the largest segment of today’s homebuyers, this Gen Z niche appears ready to roll.
Statistically, they comprise a larger size as compared to Millennials. Gen Z was born 1997 and later and represents 90.55 million individuals, whereas Millennials (born 1981-1996) comprise 72.06 million individuals.
Millennials account for about a third of the U.S. homebuying market; Gen Zers represents 27% of the population of homebuyers. It is projected that the Gen Zers will represent the largest U.S. demographic homebuying group of 82 million individuals. According to a Home.com survey, 87% of Gen Zers want to buy a home before the age of 35. This represents a higher percentage as compared with the total U.S. homeownership.
One reason for the strong appetite for homeownership from Gen Z is they have grown up within an economy that has gradually improved over the last 11 years. Gen Z’s perception of economy is more through the prosperity lens.
Other Factors from the Survey
■ 48% of Gen Z buyers are racial and ethnic minorities
■ 58% of the survey respondents said they’d prefer to live in a racially and ethnically diverse neighborhood
■ Gen Zers surveyed were also more likely to be unmarried (either singles or couples)
■ They want to live close to where they work
■ 70% of Gen Zers viewed proximity to work as the top factor affecting their homebuying locations
■ Gen Z homebuyers are also concerned with housing affordability
■ Gen Z homebuyers understand that they will have to save
If you have any questions about this information or title insurance, please contact Ralph Aponte: 732.914.1400.
Counsellors Title Agency, www.counsellorstitle.net, founded in 1996, is one of New Jersey’s most respected title agencies, serving all 21 New Jersey counties with title insurance, clearing title, escrow, tidelands searches, and closing and settlement services for commercial or industrial properties, waterfront properties and marinas, condominiums, townhouses or residential single family homes. Counsellors Title also features its own Attorney Settlement Assistance Program™ [ASAP], which is an individual resource customized to fit the needs specifically of real estate attorneys, including, Documentation, Preparation, Disbursement of Funds, Attendance at Closing, HUD Preparation or Post-Closing Matters.
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