Can’t wait to tweet this: Generation Z, those teens between ages 13 and 17, would give up social media for a year — and even take Mom or Dad to the prom — if those teenage sacrifices meant they could someday own a home. Who would have thunk it?
Homeownership has been dropping since the beginning of the Great Recession, down from 69 percent before the bust to 65 percent now. But 82 percent of Generation Z participants — 4 out of 5 surveyed by Better Homes and Gardens Real Estate — think owning a home is the most important factor in
Gen Z’s view of the American Dream is vastly different from what their slightly older peers believe.
achieving the American Dream.
“Today’s teens are fiscally literate and realistic when it comes to their future,” says Sherry Chris, president and CEO of Better Homes and Gardens Real Estate. “It’s quite profound that a generation that has never known a world without social media is willing to give up such a staple in their modern lives to achieve their dream home.”
Homeownership is so important to this group of kids (who can’t even vote), that they’re willing to sacrifice the very things that, adults think, they live for.
The survey of 1,000 teens conducted in July found that Gen Z also values graduating from college (78 percent), marrying (71 percent), and having children (68 percent).
Nearly all the teens surveyed — 98 percent — believe they will someday own a home and would be willing to make the following sacrifices now if it led to homeownership later.
- 53 percent would give up social media for a year and do double homework every night.
- 42 percent would attend school seven days a week.
- 39 percent would take their mom or dad to the prom.
Gen Z’s view of the American Dream is vastly different from what their slightly older peers believe. A recent Credit.com survey found that being debt-free was the top financial goal for young adults 18 to 24, and that owning a home fell at the bottom of their priority list.
Homeownership for Millennials — people reaching adulthood before 2000 — has fallen to historic lows: 36.2 percent in the first quarter of 2014, down from 36.8 percent in 2013, according to the U.S. Census Bureau.
Source: AOL Real Estate