2023 Gen Z Homebuyer Report
About the Report:
The 2023 Gen Z Homebuyer Report is a research project developed in partnership with National MI to provide practical insights into the behavior and preferences of one of the fastest-growing segments of the homebuyer population.
Gen Z individuals, born between 1997 and 2012, are rapidly entering the housing market, with many of them now reaching adulthood and starting to establish their careers and families. As a generation that has grown up in the digital age, they have unique preferences and expectations when it comes to home buying and financing.
The report analyzes data from two surveys conducted in October 2022 and April 2023 to gain a deeper understanding of how Gen Z homebuyers approach the process of purchasing a home, what factors are most important to them, and what challenges they face. By elevating the voice of this emerging demographic, the report aims to empower real estate and financial professionals with the insights they need to better connect with Gen Z homebuyers and provide them with a positive, satisfying experience in a competitive market.
Key Insights
While the vast majority of Gen Z said they wanted to buy a home, they were skeptical about the financial benefits. One in three (36%) said they were not sure whether owning a home was the best way to build generational wealth, and 27% of recent homebuyers said they were not sure whether their home would be a good investment.
39% said lack of knowledge was a current barrier to buying a home.
Nearly one in three (30%) Gen Z homebuyers said they were not confident in their ability to care for or maintain their home, a concern that is significantly higher than millennials (18%).
Gen Z feels less supported than millennials to reach their financial goals with only 14% reporting they have the financial advice and support they need, in comparison with 26% of millennials.
Gen Z were significantly less likely to say they trust their loan officer or real estate agent in comparison with millennials (58% vs 77% loan officer, 67% vs 82% real estate agent).
About the Study
The report analyzes insights from a survey collected in October 2022 with 1,000 U.S. adults between the ages of 18-44, and a follow-up survey in April 2023 with 250 respondents.
Contact for Consulting or Speaking:
If you have interest in learning more about how Kristin Messerli and her team can support you in reaching NextGen homebuyers in your market, contact kristin@kristinmesserli.com.