Are you as tired of reading about the Millennials and Generation Z as I am? It seems that I get between five and ten articles per day coming into my inbox. The articles are about how hard it is for the millennials to get a home. They have financial problems, can’t get their dream job, can’t save the necessary down payment. And when they do have the income and they’ve saved enough for a down payment (or if they’ve borrowed from the First National Bank of Dad), they can’t seem to find their dream home.
They are not following the examples of the baby boomer generation(Yeah – Go US) in that less than 40% of millennial buyers put down the recommended twenty percent down. And twenty one percent put down five percent – or less.
And they’re hedging their bets. They shop for homes for sale but also search for rentals at the same time.
But I’m tired of talking about the millennials. And I’m tired of tying that long word. So let’s move on and talk about the next subject. And that subject is……
Here Comes Generation Z
What??? Generation Z???? What is Generation Z?
Frankly I don’t know. Let me look it up, I’ll be back in a minute. Don’t go away
{ Imagine background music playing}
I’m back.
According to Wikipedia, Generation Z is the next group after Millennials. Sometimes called “Post-Millennials”, the birth years for Generation Z could be starting at mid 1990s to mid 2000s. The ending birth years have yet to be determined. They are comfortable with technology and use social media extensively. Fourty seven percent of Generation Z identifies themselves as non-white. This makes them the most ethnically and racially diverse generation in history. And they are just starting to enter the housing market, mostly as tenants.
But they seem to have similar values of what home means as their parents and millennial siblings do. And while they have the same desire to achieve the American Dream of owning a home, they will face the same challenges. And since they will outnumber millennials in the next few years, they will make their own impact on the housing market.
You haven’t heard the last of Generation Z.
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