Generation Z and the Housing Market
Baby Boomers, Generation X, and Millennials have all been a part of the housing market for a while. The oldest millennials have turned forty, which can come as a shock to anyone who still thinks of them as recent college graduates just getting started. That honor has already fallen to a new, younger generation. Generation Z encompasses a considerable population of kids as young as six, but as old as twenty-five. And for the older Zoomers, as they’re sometimes called, graduation has come and gone, and they’re well into their first career. They may not be flooding the housing market yet, but real estate and financial professionals should be prepared for that time to come. Here is what you should know about GenZ.
Prepare for The Next Decade
While GenZ may not be entering the market today, some of the oldest in the generation may be ready to buy a home in the next decade. For those in real estate, preparing now to meet them head-on when they begin to explore homeownership will help you manage expectations and market directly to these buyers. Spend this time increasing your connection on social platforms and learning online marketing.
Career Trajectory of Generation Z
No generation lives in a vacuum, and Generation Z’s long-term career path will be as varied as any other generation. There are some trends in their career trajectory. GenZ were children during the Great Recession, so they watched their parents struggle with work and housing and are looking for more stability than that. They’re also entering the workforce in a time of great uncertainty, but are seeking career growth and security.
Projected Wealth of Zoomers
It’s hard to say where GenZ will be with their wealth in the next decade. Predictions we would have made in 2019 were upended throughout 2020 and 2021. But even still, experts believe that they will be the “most disruptive generation ever,” and they will out-earn millennials by 2031. There is also expected to be a “great transfer of wealth” from older generations of Americans who are currently sitting on nearly $80 trillion.
How to Effectively Market to GenZ
Keeping all of this in mind means it’s time to prepare for GenZ to enter the housing market. This is the first generation born with complete access to technology. They are expecting older generations to accommodate them rather than meeting in the middle. They want quick, efficient communication and authentic human interactions. While these tips are for brands, real estate professionals should consider them when including GenZ in their marketing plans.
Are you looking for more information about pre-approval? Call the team at GoPrime Mortgage in West Asheville today.
Do you want to know about the process to apply for a mortgage? GoPrime Mortgage in West Asheville is here to help. Call us today at 828-348-1907 –Zachery Adam at GoPrime Mortgage in West Asheville.