Here are some quick facts about Generation Z:
- They almost all have high amounts of student loan debt: 46% are concerned and burdened by it.
- Most have feelings of being unsettled and insecure due to major terrorist attacks of 2001 and the subsequent unsettled state of the nation.
- This generation is finally getting the bigger picture – with less teen pregnancy, alcohol and drug use.
- Technology and technology change is huge in their lives, due to the changes that have occurred during their lifetimes.
- More educated, less underemployed and more culturally diverse.
Additionally, the generation rising up is more conservative, and entrepreneurial. Many generation Z-ers are searching for fulfillment in Freelancing and are completely embracing the entrepreneurial spirit.
Even better, for the housing market, is the idea that this generation is not as transient as the one before it. In fact up to 97% of Generation Z believe they will own a home in the future and 80% believe they will use a Realtor to find it and do so between the ages of 26-30.
So, if they want to buy a home – how can we reach them? What do they need?
According to an article taken from realestateexpress.com the following list is how Real Estate and Mortgage brokers can do just that.
- Many want brands to reach out to them on social media versus email or online advertisements.
- Half of Generation Z use their phone to look for a better price while shopping at a retail store, perhaps reflecting their existence in a digital society wrought with technological innovation and instant connectivity.
- Most would rather save money than spend it. They will likely look for ways to save money in the home buying process, perhaps opting for affordable, functional homes.
- Most use their phone to research purchases before they buy.
- Half of this generation identifies themselves as deal seekers.
- Nearly three-quarters expect to experience significant failure before achieving success.
- A vast majority of Generation Z believe their online experiences will help them reach their goals.
- They prefer the suburban lifestyle, like Millennials, but only 17 percent want to live in the same place where they grew up.
Because they live in a time where nearly everything is immediate 90% of this generation say they will purchase a home online. So, if you are a real estate agent or mortgage agency, you will want to ensure you have an online portal and marketing strategy so that you can catch this generation before others do.
Also, if you really want to get into the minds of this generation, you will probably need to offer a down payment assistance or down payment grant program to help them out, as their student loans are usually monstrous.