Gen Zers are just now beginning to impact the real estate market. This huge cohort of prospective buyers is seen by many as the “future of real estate.”
Who Are Gen Zers?
Generation Z or Gen Z or Gen Zers or Zoomers (my personal favorite) includes everyone born from the mid 1990s to the early 2010s. Most people count Zoomers as those born from 1996 or 1997 to around 2012. The oldest Zoomers are around 26. There are between 67M and 68M Zoomers, just under the 72M+ Millennials.
Zoomers have grown up with today’s internet, not the Millennials’ Myspace or Napster. Most Zoomers don’t remember a time without smart phones or YouTube and see Facebook as a stodgy, past tense company.
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Key:
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Zoomers did not grow up with the wake of the Great Recession or 9/11.
Zoomers Already Impacting Real Estate
The National Association of REALTORS® (NAR) found in data collected during 2019 and 2020 that Zoomers accounted for 2% of all homebuyers and sellers.
With more recent data, Realtor.com found that Zoomers represent 23% of first-time homebuyers. (FYI, Realtor.com defines 1999 as the “starting” birth date for Zoomers.)
The important point here is around 23% of first-time buyers are Zoomers; 43% of Zoomers say they will buy a home within 5 years; 45% of Zoomers are already saving to buy a home; and a whopping 72% of Zoomers say they would like to buy a home at some point in their lives.
Where Are Zoomers Moving?
Research indicates that Zoomers are a mobile generation.
According to George Ratiu, Senior Economist with Realtor.com, “41% are moving to a different city or town (than where they’re currently living)…and 19% are also looking to change states.”
Realtor.com also found in a 2021 survey that only 17% of Zoomers think they’ll remain where they’re currently living for 10 years or longer. Only 12% thought they’d remain in the same place for 5 – 10 years while 30% thought they’d stay for between 2-5 years. 26% thought they’d stay in their current place for 1 – 2 years.
Most interestingly, 49% of Zoomers said they’d prefer to live in the suburbs.
Zoomer House Preferences
Like Millennials, Zoomers are interested in affordability and making rental income from their homes. Unlike Millennials, Zoomers are embracing renovation projects and are more than willing “to do the work.”
In fact, 44% of Zoomers are willing to spend $150,000 – $250,000 on a home, substantially less than any other demographic group is willing to spend. This low tier price range preference often translates into Zoomers buying older houses and doing whatever work those houses need themselves.
In terms of locations, Zoomers tend to look for amenity-rich and diverse neighborhoods and for properties that allow them a better work-life balance. Several agents told Inman that younger generations, especially Zoomers, are less interested in working in jobs or careers as much as older generations and therefore want their neighborhoods to offer more inherent “to-do’s” and “to go’s.”
Daryl Fairweather, Chief Economist with Redfin, said that Zoomers are more racially diverse than other generations and could therefore care “…more about diversity when it comes to selecting a neighborhood.”
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22% of Zoomers, in fact, have at least one parent who is/was an immigrant from another country.
Thanks to Inman.
