Property: Millennials not so positive but Gen Z are buying

Do you think the younger generation prefer to go for vacations or buy property?

It’s likely the former, most of the time anyway. For many older working professionals, it’s tough deciding whether to go for overseas holidays because of the financial implications, but this is seldom the case for younger working professionals.

They seem to have been to MANY countries even before reaching 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 this trend is because they aren’t thinking of buying property, thus have lots of money to spare.

Who are the Millennials? Millennials are those born between 1981 and 1994, while Gen Z as those born between 1995 and 2010. Okay, if we look at age, Millennials are currently between 24–37 years old.

Gen Z meanwhile are those between 8 to 23 years old. Okay, but can these people afford to buy property yet?

According to the article in PropertyShark.com, the target for real estate professionals has always been Millennials but it also suggests it is time to focus more on Generation Z.

The reason? All signs are pointing to the fact that Gen Z are more optimistic about homeownership versus Millennials.

In fact, its survey showed that the younger group is remarkable in its positive feelings towards real estate investing. In the survey, 83% of Gen Z respondents planned to purchase a home within five years.

Millennials who have been renting for years are less positive. The survey also showed that 100,000 Gen-Zs already owned property despite the oldest of them being just 23 years of age.

Other takeaways from the study included:

• 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 in the real estate market.

So readers, what are your thoughts?

Source: FMT