The current state of the housing market may not paint a very bright picture on homeownership, but that isn't stopping the future generation from dreaming about having their own house a few years down the line.
A new study conducted by Better Homes and Gardens Real Estate, a famous real estate company, revealed that Gen Z - people aged between 13 and 17 years who are poised to enter the job market within the next two or three years - considers homeownership a major achievement and wants to own a home more than anything else.
In fact, Gen Z would even be ready to give up social media and take on double the homework if they were promised ownership of a home in the future!
The study polled 1,000 teenagers of the aforementioned age group between July 18 and July 29, 2014 using an online survey.
Four out of five teens, about 82 percent of the total respondents, said that buying a home was a major achievement and still reigns as the "American Dream".
The study also found that 92 percent of Gen Z is optimistic about homeownership and said they will own one in the future.
A majority of these teenagers hope to own a home by the age of 28 years. They also expect to cross traditional stages like earning a degree, getting married and having pets and children before finally finding their dream home.
Seventy seven percent of the analyzed teens said they would prefer to own a home than to have their own business. The teens studied were quite realistic and well-informed too. Ninety seven percent of the respondents hope to shell out an average $274,323 to purchase their first home. The median cost of a home today is $273,500, according to the U.S. census data and this shows their foresight.
The teens also know a lot more about saving. Sixty Five percent of the teens said they've had a chat with their parents about saving methods. Also, 41 percent credit their schools for helping them learn about the economic recession.
About half of the respondents believe that their first home will be located in a suburban neighborhood and also hope to stay closer to their roots. The generation plans on owning two homes in their lifetime.
"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," Sherry Chris, president and CEO of Better Homes and Gardens Real Estate, said in a statement.
The findings of this study are in contrast with what the millennials or Generation Y thinks about housing. A previous poll conducted by CNN Money showed that the general perception of homeownership being the "American Dream" was fading away.
But the results of the study are also a glimpse into an optimistic future. Check out this infographic below that explains all about Gen Z.
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