Smash Mouth’s “All Star” lyrics resonate well with how quickly things change and progress – we now have a new generational group on the hunt for homes. As the song goes: “the years start coming and the don’t stop coming.”
Gen Z, those born between 1995 and 2015, are currently between 4-24 years old (about 74 million in the U.S.). But don’t let their younger age distract you; they are already taking notes on what they want when it comes to homeownership.
Generation Z is the first generation in American history to show a strong diversity preference in terms of where they live – and they want to buy homes in culturally diverse neighborhoods.
Homes.com released a study that found Gen Zers aged 18-24 preferred a diverse community – 58% to 12% who prefer a homogeneous neighborhood.
Their timeline for wanting a home? They plan to start early – 14% expect to purchase a home between the ages of 18-24; 48% say they will purchase when they are 25 to 29 years old; and 25% plan to buy later in life, when they are 30 to 34.
This pattern matches the Gen X and Baby Boomers generations.
But what about what they’re looking for in an agent?
27% want their real estate agent to understand what they’re looking for in a home; 18% want their agent to have knowledge of the local market; and 15% want their agent to have experience in the field.
Experts in the housing market will be keeping a close eye on this generational group – as they are more keen to become homeowners at an earlier age than Millennials.