Believe it or not, Generation Z – or Gen Z – is now leading the way in America when it comes to home ownership. This is in spite of the fact that they are still youngsters who do not yet make that much money and, mostly, do not have families. However, a survey by SmartAsset found this to be the case, at least in the secondary tier of American cities.
Pittsburgh, St. Louis, Detroit and Cleveland are among the metropolitan areas where SmartAsset found Gen Z buying a lot of homes.
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Social media platforms like YouTube and TikTok have transformed homebuying into a more accessible process, especially for younger generations. Coupled with the rising trend of multigenerational living, as highlighted by the Pew Research Center, many Gen Zers are able to save more while living with their parents, allowing them to enter the housing market sooner than previous generations.
Gen Z faces unprecedented challenges in the housing market. Compared to older generations, they’re earlier in their careers and have less time for investments to grow. Consequently, Gen Z buyers are increasingly drawn to more affordable areas, shifting housing demand patterns and potentially reshaping local economies.
Gen Z-ers – or Zoomers as some people calls them – no longer meet new people in person. They find them on Instagram and other social media services. So, what do they do instead of flirting? They “like” someone’s social media post and expect to be contacted through direct messaging.
Generation Z, often abbreviated as Gen Z, refers to the demographic cohort following Millennials and preceding Generation Alpha. There’s no universally agreed-upon birth year range, but most sources place it somewhere between the mid-to-late 1990s and the early 2010s. This means the oldest members of Gen Z are entering their late 20s, while the youngest are still teenagers.
Unlike Millennials who grew up with the rise of the internet, Gen Z has never known a world without it. They are comfortable with technology and adept at using social media, online communication platforms, and mobile devices.
Gen Z has come of age during a period marked by significant global events like the 9/11 terrorist attacks, the Great Recession, and the ongoing COVID-19 pandemic. These events have fostered a sense of social awareness, global citizenship, and a questioning of traditional authority figures.
