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Since 2003 Art has gained valuable experience selling real estate in the greater Orange County Area (L.A., Orange, San Bernardino & Riverside Counties) Read More

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Be on the Lookout for Gen Z: The Next Generation of Homebuyers

By Posted in Area News on Nov 8, 2019

Be on the Lookout for Gen Z: The Next Generation of Homebuyers | MyKCM

You’ve likely heard a ton about Millennials, but what about Gen Z? In the next 5 years, this generation will be between the ages of 23 and 28, and they’re eager to become homeowners faster than you may think.

According to realtor.com, “Nearly 80 percent of Generation Z members say they want to own a home before age 30,” and Concentrix Analytics said, “52% of prospective Gen Z buyers are already saving to buy a home.”

Wikipedia defines Generation Z (Gen Z) as “the demographic cohort after the Millennials. Demographers and researchers typically use the mid-1990s to mid-2000s as starting birth years.”

The report from Concentrix goes a little deeper on Gen Z, identifying the main reasons this cohort wants to own homes:

  • 55% want to own a home because they want to start a family
  • 47% want to build wealth over time
  • 33% want to make their family proud

Although they’re eager to buy, this generation also perceives a few challenges ahead:

  • 66% believe saving for a down payment and closing costs will be challenging
  • 58% feel covering the monthly costs of owning may be difficult
  • 52% perceive a lack of knowledge about where to start

It is also interesting to note that 21% of Gen Zers think their parents will provide financial help, 17% will use a down payment assistance program, and 15% believe other family members will help them. One of the highlights of the report mentioned,

“More than half of Gen Zers who think they’ll receive help also think they will need to pay their parents back, compared to 40 percent of millennials.”

By: Arthur Alderete

Since 2003 Arthur has gained valuable experience selling real estate in the greater Orange County Area (L.A., Orange, San Bernardino & Riverside Counties). Working closely with Asset Managers of REO Properties: Broker Price Opinions, Cash for Keys, Vendor Contacts and Property Preservation. Arthur has been able to help many with his passionate representation: continual pursuit of education and training (making him a Certified Distress Property Expert and REO Specialist) coupled with his desire to go the extra mile for his clients.

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