Generation Z or "Gen Z" is a demographic group following the Millennials. It is generally considered those who were born from 1997 to 2012. This generation is known for being digitally inclined . Gen Z individuals are different than other age groups with unique approaches to life, consumption and personal identity.
Gen Z Characteristics
Gen Z are the first of generations that have grown up during the internet age, with much different interactions and access to technologies such as Social Media from very young ages. That experience alone sets them apart in many of the core issues with identity, views on communication, and access to unlimited content.
Social Awareness and Activism
A distinct aspect to this demographic is their interest in Social Justice, equality and diversity. This focus on key components helps bring topics into main stream and to advocate for those who might otherwise go unheard. It makes for different dialogues when coming together with previous age groups.
Gen Z Home Ownership Preferences
In a recent study 83% agreed that homes can easily loose their charm and be outdated. As they reach adulthood Gen Z’s desires when it comes to homes are specific.
Home Features and Design Choices
Gen Z gravitate towards elements such as wallpapers, stained glass, wood paneling animal prints which set them apart from previous generations that may have not preferred these in their home spaces. The younger demographic also gravitates towards a balance of minimalist and maximalist by choosing minimalist concepts with some bold Design Choices. Outdoor living features for example such as trees and a pool, are all very high on the list of desires.
Community and Lifestyle
Gen Z wants a focus on community with a high priority on safety and friendly neighborhoods along with access to shopping. In many areas access to shops are placed higher in their desire list while others have made their selection based more on local activities, social events and what the town has to offer in those key areas.
"Forever Homes" and a Flexible Approach
Almost 70% of the surveyed population view their homes as forever which shows a deeper focus to make it fit the needed areas to fulfill their long term desires. Many were also open to making their own purchase in a new town where they had never lived showing a flexibility towards how location factors into that vision. Most are realistic in understanding a first time home purchasing requires compromise, it still shows intent to focus more on what a home can offer not just the financial value of it.
Buying Behaviors and Advice
This generation are aware that patience during a purchase is required along with understanding of cost. Many choose to take a very personal approach by doing most of their searching online before making a commitment to hiring help or assistance. This approach allows control of the information.
Working With a Real Estate Professional
About 29% will seek out help from a professional. They have specific intentions such as, the process getting easier and that they are given better opportunities than what they had found on their own. Working with the agents can give much benefit when paired with the specific understanding that the new home buyer already possess. Those that sought out a realtor valued their guidance with help on negotiations as well.
Challenges to First Time Buying
There is a balance on value and preference when making their decisions about a new home. Even though Gen Z views that their new home will be their “forever” home there is also an equal weight placed on the cost and specific design details.
Finding the Right Fit
The core of these challenges are related to budgeting which highlights they are realistic and know this process takes time. For most of this population making the purchase in general could require them to wait it out or adjust their current ideas and desires to find their perfect match with each individual situation.
Advice For Homebuyers From Gen Z
This particular group was able to offer up wisdom to any new home buyers including taking their time not allowing pressure and sticking to only necessary purchases during this process. Their outlook on how they purchased was often noted in focusing on needs vs wants which is key to making this journey worthwhile and in budget. Their overall guidance highlighted realistic choices which also came with great intention to have longevity and stability.
Key Takeaways
- Gen Z have grown up in the digital age giving a great influence on many of their decisions.
- Social justice, equality and activism plays a vital role in what they choose to support and value.
- Design choices gravitate towards aspects like bold color options while balancing vintage finds in the living environment.
- Most from Gen Z believe their purchase will be long term focusing on “forever” homes within a community that supports their needs.
- Honest views on a balanced list of needs and wants makes them practical when making purchases with specific intent.