Millennial renters in the United States are more confident than any other generation that they will be able to afford a home someday, according to a new report by US property site Zillow.
The Zillow Housing Aspirations Report (ZHAR) surveyed 10,000 Americans and asked them a variety of questions on home ownership in its semi annual survey. The results suggested that more than half (63 percent) of renters are confident they will be able to afford a home someday, with 25 percent saying they plan on buying in the next three-to-five years.
These survey results come after Zillow recently announced its plan to add yet another website to its brand, with the announcement that it plans to launch RealEstate.com, a portal designed for millennial homebuyers.
RealEstate.com will tap into a generation of homebuyers who are under the age of 40 – with millennials a key growth area for Zillow, who also owns online sites Trulia, StreetEasy, and HotPads.
Zillow Group CMO Jeremy Wacksman said that research – presumably the results from ZHAR – was behind the decision for Zillow to focus on younger buyers.
“We’ve spent a great deal of time thinking about millennials, how they approach real estate and the experience they expect during the search process,” Wacksman said at the time of the RealEstate.com announcement.
“We know from our own research they [millennials] are driving the housing market, as half of homebuyers in the U.S. are under 36-years-old; this represents a huge opportunity for agents to connect with this growing audience of buyers.