August 23rd, 2019
Gen Z is officially a player in the housing market. According to data coming from credit reporting agency Transunion, Generation Z (those born between 1995 and 2012) now makes up 0.5% of consumers with home loan balances. Now although 0.5% (or roughly 319,000 consumers) doesn’t sound like much, that number could go up surprisingly fast because the Transunion report shows that Gen Zers with mortgages rose a whopping 112% from 2Q of last year. In 2Q of this year, the generation made up 2% of all mortgage originations.
Have you adjusted your business strategy to not only generate Gen Z business, but also work with arguably the most tech-minded generation ever? If not, now is the time to start making those adjustments because this generation of homeowners is on the rise and they will soon be a force to be reckoned with.