American teenagers are a heck of a lot less jaded about the real estate market than 20-somethings.
A whopping 97% of 13 to 17-year-olds say they will own their homes in the future, optimistic considering only 65 percent of Americans currently own their pads.
Their plans are in stark contrast to those of their millennial counterparts, who have largely opted to rent rather than buy since the recession hit and dashed their dreams.
An overwhelming majority of teens now say homeownership is the most important factor in achieving the American dream, according to a new survey conducted by Better Homes and Gardens Real Estate. It’s more important to them even than graduating college, getting married or having kids.
But, how important is it in teen terms? More than 53 percent of the teenagers surveyed said they would be willing to give up social media for a year if it meant getting a home in the future and 39 percent said they would even take their mom or dad to prom.
“Today’s teens are fiscally literate and realistic when it comes to their future,” said Sherry Chris, president and CEO of Better Homes and Gardens. “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. With such mature insights at such a young age, Gen Z could very well be primed to be the next great generation.”
Teens are aiming to own their first homes by age 28, according to the report, three years earlier than the median age of first-time homeowners in the United States. And they plan to spend an average of $274,323, which is close to the median price for a U.S. home.
Source: New York Daily News