A new study reveals that Generation Z is willing to sacrifice modern luxuries like social media to own a piece of the American Dream.
More than half of teens (53 percent) responding to a new survey said they’d give up social media for an entire year if it would help them land their ideal home in the future.
That’s according to a new study by Better Homes and Gardens Real Estate, which assessed the homebuying dreams of Generation Z – teens aged 13 to 17. It’s not surprising that so many teens aspire to own a home, especially considering 82 percent of them listed homeownership as the most important factor in achieving the American Dream.
In addition to giving up social media for a year, teens said they’d make other sacrifices now, such as doubling up on homework (53 percent), attending school seven days a week (42 percent) or taking Mom or Dad to prom (39 percent), if it would help them reach their homeownership dream.
Sherry Chris, president and CEO of Better Homes and Gardens Real Estate, said in a statement:
Today’s teens are fiscally literate and realistic when it comes to their future. It’s quite profound that a generation that has never known a world without social media is willing to give up such a staple in their modern lives to achieve their dream home. With such mature insights at such a young age, Gen Z could very well be primed to be the next great generation.
Other survey results include:
- Teens believe they’ll own their own home by age 28. The current median age for first-time homebuyers is 31.
- Nearly half (47 percent) of teens said they planned to live in a suburb, 23 percent prefer city living, 20 percent said they wanted to live in a rural or country area, while 10 percent said destination locations are calling their name. Most teens said they’d also prefer to stay in the general area where they grew up.
- Teens are pretty accurate when it comes to home values. Survey respondents estimated paying on average $274,323 to purchase a home. The median home cost today is $273,500, the release said.
I think the results of this survey are interesting but far from realistic. I bought my first home (with my husband) when I was 27. Even at that age I was somewhat naïve about the realities of homeownership and everything that it entailed.
Nearly everyone who was surveyed (97 percent) said they believe they will own their own home someday. I think it’s great to aspire to be a homeowner. But that’s hardly a realistic percentage, considering that the highest recorded homeownership rate in the U.S. was 69 percent in 2004. Plus, 57 percent of teens said they thought their parents would help them buy their first home. Wow.
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