According to a Realtor.com® survey, it appears that almost three quarters of Generation Z, currently 18-25 years old, would like to own a home. They understand the financial benefits of owning a home and building wealth, as opposed to renting. Almost half of survey respondents would like to purchase a house within the next five years, while another 44% anticipate purchasing their first home in the next five to ten years. The survey consisted of more than 700 participants who had not yet bought a home.

Many Millennials were drawn to urban life, paying extravagant rents and now finding themselves unable to afford to buy a home. It looks like lessons are being learned by this next generation. Many members of Generation Z are planning to move to more suburban or rural areas, where they can get more for their money. Almost two-thirds of the survey’s respondents said that the Pandemic did not impact their goal of buying a home, while it influenced more than a quarter of them to want a home even more.

Of course, there are several factors that will impact Generation Z’s ability to achieve home ownership. First of all, many are either still in college, or are just joining the workforce in entry level positions. They cannot afford a downpayment on a home. In addition, many are still figuring out their professional and personal lives. However, despite the challenges, it appears that this generation appreciates the many benefits of home ownership, and will be setting their goals accordingly.