A recent Zillow survey found three in five Millennials and Gen Zers will use their money saved during the pandemic toward a down payment on a home. Zillow says this shows that even through a pandemic, homeownership remains a priority. Although many Americans lost their jobs, others who continued to work were able to save costs on childcare, vacationing, and shopping. The majority of surveyed Millennials and Gen Zers (59%) told Zillow they plan to use their new savings for a down payment. Millennials make up the largest generational group of homebuyers, giving them a large impact on the housing market, Zillow notes.
Who and What Influences Millennials and Gen-Z Housing Choices?
It’s widely said that influencers and celebrities wield a great deal of power over the purchasing decisions of millennials and Gen-Zers. This trend also shines through as it pertains to deciding to purchase a home. Zillow research shows that 27% of young adults have been inspired by influencers or celebrities to make certain housing decisions, including buying a home. Men were more likely than women to report that influencers or celebrities have inspired them to make certain housing decisions. About a third (32%) of men ages 18-41 said so, compared to just 21% of women.
Regarding their preferred home location, about 44% of young adults said they somewhat or completely preferred a home in a remote area, while a third (36%) said the same about a home in a big city. One in five (20%) said they had no preference. And despite the recent rise in opportunities for millions of Americans to permanently work from home, most still consider living close to work (61%) and having a short commute to work (63%) very or extremely important when considering where to purchase a home.
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