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ORLANDO, Fla. – Generation Z is optimistic when it comes to real estate investments and is showing a lot of interest in homeownership despite a young age, according to a new report by PropertyShark.com, a real estate website.
Generation Z includes those who were born after 1995, with the oldest members of the group being 23 years old. The survey polled more than 2,000 renters, owners and adults living with families.
Eighty-three percent of Gen Z respondents said they plan to buy a home within the next five years – and they’re not letting their youth stand in the way. About 100,000 Gen Zers are reportedly already homeowners, the survey found, and they’re less likely to default on their mortgage than baby boomers, millennials or Gen X mortgage holders.
While those in Gen Z are much more optimistic about homeownership than their older peers, the millennials, they do have one thing in common. Both generations agree that “college debt” is the biggest obstacle that could delay them from becoming homeowners.
As real estate buyers, they could be easy to work with: They dream of plenty of space and amenities, but they say they’re ready to compromise on almost anything to keep their costs to a minimum, the study finds. They show a fondness for suburbs (60 percent), followed by urban living (30 percent).