Future Homeowners Share American Dream

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:

  1. 8.3 million new Millennial (Gen Y) households will form in the next five years

  2. $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:

  1. 74% expect to move within the next five years

  2. 79% expect their financial situation to improve

  3. 75% believe homeownership is an important long-term goal

  4. 73% believe homeownership is an excellent investment

  5. 24% already own their home and

  6. An additional 60% plan to buy a home in the future

  7. 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:

  1. 82% of Gen Z teens indicate that homeownership is the most important factor in achieving the American Dream.

  2. 89% said owning a home is part of their interpretation of the American Dream

  3. 97% believe they will own a home

  4. 77% percent chose owning a home over owning a business

Bottom Line

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.

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For your young buyers that may be on the fence, send them the newly released Fall edition of “Things to Consider When Buying a Home” available now in the KCM Members Area. Help them see that now may be the time to make a move!

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