September 09, 2014 // Franchising.com // MADISON, N.J. – Today's teens will likely never wait for transportation for more than two minutes, can buy nearly anything with the click of a button and have it delivered in 24 hours, and can instantly consult a cast of 1,000 of their closest friends on any decision large or small. These once far-fetched notions are the reality of a generation of teens 21 million strong. You may think traditional dreams wouldn't fit into their modern world – but you'd be wrong. In the first study of its kind, national findings released today by Better Homes and Gardens® Real Estate reveal this generation of teens ages 13-17, part of Generation Z, is very traditional in their views toward homeownership and is willing to give up modern luxuries for the mainstream definition of the American Dream.
Four out of five (82%) Gen Z teens surveyed indicate that homeownership is the most important factor in achieving the American Dream. For 89 percent of respondents, owning a home is part of their interpretation of the American Dream, followed by graduating from college (78%), getting married (71%) and having children (68%). How much does this dream really mean to today's teens? Findings show that 97% believe they will own a home, and they are overwhelmingly willing to make sacrifices now if it means getting their ideal home in the future. Remarkably, 53 percent would be willing to give up social media for a year (tied with doing twice as much homework every night), 42 percent would go to school seven days a week and 39 percent would take their mom or dad to prom.
"We have a clear view of tomorrow through our Millennial consumer research – now it's time to look at the day after tomorrow," said Sherry Chris, president and CEO of Better Homes and Gardens Real Estate. "Today's teens are fiscally literate and realistic when it comes to their future. It's quite profound that a generation that has never known a world without social media is willing to give up such a staple in their modern lives to achieve their dream home. With such mature insights at such a young age, Gen Z could very well be primed to be the next great generation."
Not surprisingly, 95 percent of these Gen Z future homeowners believe they will take key steps in the home buying process online. Viewing home listings and taking virtual tours reign supreme, however, 29 percent expect to video chat with real estate agents. While this generation has been navigating the mobile and online space for years, a 59 percent majority believe they will undertake the search process for their future home with help from a real estate agent. When it comes to buying, a mere 19 percent believe they are likely to purchase a home online, while 81 percent will use more traditional methods such as working with a real estate agent.
"For a generation living in an online world and knowing no limits to online commerce, seeing the overwhelming response from today's teens on the value of working with real estate sales associates reinforces the importance of relationships and the human element in such a sophisticated and important transaction," said Chris.
The Better Homes and Gardens Real Estate Gen Z survey was conducted by Wakefield Research among 1,000 U.S. teenagers ages 13 – 17, between July 18 and July 29, 2014 using an email invitation and an online survey.
The results of any sample are subject to sampling variation. The magnitude of the variation is measurable and is affected by the number of interviews and the level of the percentages expressing the results. For the interviews conducted in this particular study, the chances are 95 in 100 that a survey result does not vary, plus or minus, by more than 3.1 percentage points from the result that would be obtained if interviews had been conducted with all persons in the universe represented by the sample.
Better Homes and Gardens Real Estate LLC is a dynamic real estate brand that offers a full range of services to brokers, sales associates and home buyers and sellers. Using innovative technology, sophisticated business systems and the broad appeal of a lifestyle brand, Better Homes and Gardens Real Estate LLC embodies the future of the real estate industry while remaining grounded in the tradition of home. Better Homes and Gardens Real Estate LLC is a subsidiary of Realogy Holdings Corp. (NYSE: RLGY), a global leader in real estate franchising and provider of real estate brokerage, relocation and settlement services.
The growing Better Homes and Gardens Real Estate network includes more than 8,900 affiliated sales associates and approximately 270 offices serving home buyers and sellers in offices serving homebuyers and sellers across the U.S and Canada. U.S. states served include: Alabama, Arizona, California, Florida, Georgia, Idaho, Indiana, Kansas, Kentucky, Maine, Maryland, Massachusetts, Minnesota, Missouri, Nevada, New Hampshire, New Jersey, New York, North Carolina, Ohio, Oregon, Pennsylvania, South Carolina, Texas, Vermont, Virginia, Washington and Washington DC.
Better Homes and Gardens® is a registered trademark of Meredith Corporation licensed to Better Homes and Gardens Real Estate LLC and used with permission. An Equal Opportunity Company. Equal Housing Opportunity. Each Better Homes and Gardens Real Estate Franchise is independently owned and operated.
For more information, visit www.BHGRealEstate.com.
SOURCE Better Homes and Gardens Real Estate
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