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Property? Millennials may not be that positive but Generation Z will be buying!

Property? Millennials may not be that positive but Generation Z will be buying!

Do you think the younger generation love to go for vacations or buy a property? I think it’s the former, most of the time. It’s so hard for me to decide to go for overseas holidays because of the financial part but I can safely tell you that I envy the younger working professionals. They seem to have been to MANY countries even before they reach 30 years old. For example, Japan? It’s a common destination. Maldives? Usually a destination to RELAX… Hong Kong? Been there a few times…  Then again, perhaps that’s because they did not think of buying a property yet, thus have lots of money to spare. Here’s one recent article about the Millennials and Gen-Z.

Who are the Millennials? There are many different interpretations but here’s one by PropertyShark.com: Property Shark defines the newest generation to reach buzzword-happy marketers as those  born after 1995 into a fully digital world. Millennials were considered those born between 1981 and 1994 and Gen Z as those born between 1995 and 2010. Okay, if we look at age, the Millennials are currently between 24 – 37 years old. (Nope, I am not within this category. An earlier article about my generation here. The Gen-Z are meanwhile those between 8 to 23 years old. Okay, could these people afford to buy a property, yet? According to the article in PropertyShark.com, the target for real estate professionals has always been the millennials but it is suggesting that itis time to focus more on Generation Z.

The reason? All signs are pointing to the fact that Gen-Z are more optimistic in homeownership versus the Millennials. In fact,its survey showed that the younger cohort is remarkable in its positive feelings towards real estate investing. In the survey, 83 percent of Gen-Z respondents planned to purchase a home within 5 years. Millennials who have been renting for years are less positive. Now, the survey also showed that 100,000 Gen-Zers ALREADY OWN PROPERTY, despite the oldest of them all just 23 years of age. Other takeaways from the study include:

  • Gen X chooses intergenerational living to care for relatives more often than any other generation
  • Gen Z is willing to compromise on almost anything to keep costs down — but still aspires to have ample space and amenities
  • Gen Z will pose serious competition to millennials on the real estate market

So, kopiandproperty.com readers, what are your thoughts? Here’s what an earlier survey showed: 85% will still buy a property, as per kopiandproperty.com readers. Happy following.

written on 14th Oct 2018

Next suggested article: Property investment is not sure win. Caution needed.

 

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