Study: Diversity a Top Draw for Future Gen Z Buyers
November 18, 2019
The youngest generation of future home buyers appreciates diversity in the neighborhood where they want to live. Nearly half of potential Generation Z home buyers who plan to purchase say they believe living in a racially and ethnically diverse neighborhood represents “a positive force in society,” according to a new survey of 1,300 18-to-24-year-olds conducted by Homes.com. They also say they are interested in being exposed to other cultures. These opinions are shared nearly equally among Gen Z whites, Hispanics, African Americans, and Asians.
The survey follows on the heels of a poll earlier this year, also conducted by Homes.com, which found that 58% of future Gen Z home buyers say they prefer a diverse community compared to 12% who say they prefer a homogeneous neighborhood (or one where people “look like me”). “Gen Z home buyers have more opportunities to live in racially and ethnically diverse neighborhoods than previous generations because of demographic shifts that have occurred over the last few decades,” says David Mele, president of Homes.com. “Both of our surveys indicate that Gen Zers will take full advantage of these opportunities and continue to change the complexion of U.S. neighborhoods, given that they are the largest generation in history to soon become homeowners.”
Only about 33% of Gen Z respondents say they grew up in a diverse neighborhood. However, 48% say they now live in a much more diverse area. The shift reflects relocations during their college and post-college years, Homes.com researchers note. “This trend will continue to accelerate as Gen Z overtakes millennials to dominate real estate markets,” the study notes.
Updated: July 07, 2020