Drum roll please….there’s a new generation entering the housing market: Generation Z. Those born between 1995 and 2010 already comprise 21% of the American population, according to Zillow – and many of them already have their eye on the housing market. 62% of Gen Zers believe owning a home is a key staple of the American Dream.
So what generational trends will the housing market see?
For both commercial and home real estate, we’ll see things like: bigger communal spaces, smart home technology, minimalistic design, and eco-friendly construction.
Gen Zers are wanting spaces that actually serve a purpose other than just being. They’re looking for retail stores to offer opportunities to build relationships – through social media and in-house events – rather than just being looked at as another number.
In terms of office space, those that find themselves in Generation Z want less visual clutter and more opportunity to destress – think “quiet areas” and meditation rooms.
While Generation Z still doesn’t surpass the buying power of Millennials in real estate, developers are looking ahead – and already tailoring changes.