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 byThe 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

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.