As for other cohorts, the current lack of affordable homes is making it challenging for Generation Z—those born between 1997 and 2012—to buy a home. But despite that, more than two-thirds of Gen Zers still aspire to become homeowners.
Currently about 18% of Gen Z own their homes, according to survey results from John Burns Research and Consulting (JBREC), as reported by Realtor.com. But the vast majority of Gen Z are not homeowners and nearly half live with family. In their pursuit of homeownership, Gen Zers are willing to make certain trade-offs in home size (they're fine with smaller units, such as apartments, condos, or townhomes, which are cheaper and easier to maintain), location (living in expensive urban downtowns is not essential), and amenities (garages and large kitchens are by no means necessary).
The upshot is that for Gen Z, every square foot in a home counts, and homes must be both functional and multipurpose, such as accommodating working from home. However, there's one area in which this generation won't compromise: the laundry.
About four-fifths of Gen Zers wouldn’t live in a home without a washer and dryer or central air conditioning, according to the John Burns survey. Also, 61% wouldn’t move into a place without a dishwasher. Half require a private outdoor space.
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