The post-millennial generation, Generation Z (born between 1995 and 2010), is quickly becoming the largest generation at 21% of the United States population (64 million people). It’s crucial that real estate agents understand this growing demographic as they will be shaping the future of homeownership. While most of Generation Z still currently lives at home, this hasn’t impeded them from dreaming of owning their own home. A recent study indicated that 97% of Gen Z believes that their future involves owning a home and that 82% relate the American Dream to homeownership. In addition, a large amount polled (81%) also agreed that while searching for a property would begin online, working with a real estate agent during the transaction process would be ideal, citing the possibility for inaccurate information online, the positive interaction of face-to-face dealings, and of referrals from family and friends. In another twist, Gen Z will choose proximity over ideals and desires. To live closer to work and/or to set up shop in co-working spaces is taking weight over living in more anticipated neighborhoods.
Real estate agents should keep their social media presence active as to appeal to these potential homeowners. This digitally savvy generation is looking for a full experience, so providing more communicative options beyond Instagram and texting, like FaceTime or Skype, will come in handy during the search for a new property.