Skip to main content

Surveys Detail Millennial and Gen Z Homeownership Goals

Phil Hall
Nov 22, 2019
Photo credit: Getty Images/structuresxx

A pair of new surveys offer greater insight on the challenges facing Millennial and Generation Z homebuyers in their pursuit of residential property.
 
Redfin released a report that found 93 percent of Millennial homebuyers would choose a single-family home over an equal-priced unit in a triplex with a shorter commute. Redfin noted that 89 percent of the 1,400 adults it surveyed for this report preferred a single-family home with a backyard rather than a unit in a triplex that is located closer to their place of work.
 
"Even as we've seen a revival in many urban neighborhoods, the American ideal of a detached home with a white picket fence and a private lawn doesn't appear to be changing—at least for the time being," said Redfin Chief Economist, Daryl Fairweather. "While some cities and states like Minneapolis and Oregon are aiming to create more affordable multi-family housing options by eliminating single-family zoning, as long as Americans are willing to pay a premium for detached homes, developers are likely to continue building them."
Redfin released a report that found 93 percent of Millennial homebuyers would choose a single-family home over an equal-priced unit in a triplex with a shorter commute
 
Separately, Freddie Mac released a report that found the majority of the 1,531 Gen Z respondents it polled estimated they could become homeowners by the age of 30. The survey found 77 percent of Gen Z would choose to live in a single-family home over other types of homes and 59 percent envisioned their ideal home as being medium-sized. Thirty-five percent of Gen Z would choose to live in a suburb of a big or medium-sized city and 30 percent opted for a potential residence in a rural area or small town.
 
“The data show that while members of Gen Z clearly aspire to homeownership, they are realistic about potential barriers and understand the potential benefits of renting,” said David Brickman, CEO of Freddie Mac. “Although these results are good news for the housing markets, they also highlight the challenges many in Gen Z will face as they enter the market to rent or buy.”

 
Biden Appoints Sandra Thompson As Acting Director Of The FHFA

The White House appointed Sandra L. Thompson as acting director of the Federal Housing Finance Agency (FHFA), effective immediately. Her statement reveals that a permanent director will be confirmed in December.

Regulation and Compliance
Jun 24, 2021
Supreme Court Gives Biden Full Control Over FHFA

The U.S. Supreme Court gave President Joe Biden the authority to remove the head of the Federal Housing Finance Agency (FHFA) while dismissing claims from shareholders of Fannie Mae and Freddie Mac.

Industry News
Jun 23, 2021
Ocwen Financial To Acquire Reverse Mortgage Servicing Platform

Ocwen Financial Corporation's wholly-owned subsidiary, PHH Mortgage Corporation will acquire RMS' reverse mortgage servicing platform.

Industry News
Jun 18, 2021
UniteCT Emergency Rental Assistance Succeeds

Thanks to the successful launch of the UniteCT program, emergency rental assistance funds are helping Connecticut residents maintain housing.

Industry News
Jun 17, 2021
Angel Oak Mortgage Announces Initial Public Offering

Angel Oak Mortgage announced its initial public offering of 7,200,000 shares of its common stock at $19 per share.

Industry News
Jun 17, 2021
Mortgage Apps Rebound After Three Consecutive Weeks Of Declines

The Mortgage Bankers Association reported the first increase in mortgage applications after a three consecutive weeks on declines.

Industry News
Jun 17, 2021