Generation Z is on its way to the housing market and they will begin to have an impact on home availability and prices.
We've all heard a great deal about Millennials, but not much is said about Gen Z.
Z-ers, members of Gen Z, were born in the mid-1990s to the mid-2000s. Many of them will come of age and graduate college in the next 10 years.
Like their older Millennial sisters and brothers, they are hopeful about owning a house. Fifty-five percent told Concentrix Analytics that they want to own a house before they have a family, but sixty-six percent expect to struggle with gathering a downpayment and closing costs. They also worry about the monthly expense and more than half of them have no idea how to start buying a house.
Twenty-one percent of Gen Z-ers think that they'll need their parents help to buy a house, but more of them think that they'll need to pay their parents back, versus Millennials.
Gen Z makes up about 22 percent of the population while Millennials are 23 percent. The Baby Boomers just recently lost their status as the largest generation as some of the oldest members have begun to pass away. That leaves the Millennials as the largest generation, but Generation Z is not far behind.
One prediction that Generation Z members can look forward to is falling home prices. The Baby Boomers own 21 million homes that will be released onto the housing market. It might take a decade or more, but those houses will begin to change the pricing and availability of homes for purchase.