Gen Z’s Top Hope in Life: Home Ownership - 96five Family Radio

Gen Z’s Top Hope in Life: Home Ownership

The ‘Australian dream’ is still sought after, even with the current housing climate preventing many from entering the market.

By Mark McCrindleSaturday 2 Mar 2024NewsReading Time: 2 minutes

The Australian dream is a sought after one, even with the current housing climate preventing many from entering the market.

Despite the challenges posed by today’s housing market, Gen Z’s resolute commitment to homeownership remains unshaken.

More than three in five Gen Z’s (63%) top hope in life is to own their own home. This is followed by having full financial freedom and independence (59%) and to travel and see the world (59%).

The determination and forward-thinking mindset of Gen Z reflects their willingness to navigate obstacles to achieve their aspiration.

Older generations seek financial independence

While Gen Z’s top hope of owning a home showcases their grounded vision for a secure future, the top hope among older generations is different. In comparison to Gen Z, all other generations top hope in life is to have full financial freedom and independence (59% Gen Y, 66% Gen X and 59% Baby Boomers). Older generations top hope for full financial freedom and independence reflects a shift in priorities, highlighting the evolving mindset and goals across different stages of life.

Gen Z’s top fears

On the inverse, Gen Z’s top fears are intuitive to their hopes. Almost three in five Gen Z (58%) top fear is that they won’t have enough money to live comfortably. In fact, this is alike all Australians with Gen Y, X and Baby Boomers echoing this as their top fear (59% Gen Y, 67% Gen X and 55% Baby Boomers).

Gen Z’s desire for homeownership is echoed in their fear of never be able to buy their own home (47%) followed by being stuck in a job that they don’t enjoy or find fulfilment in (46%).

Their fears encapsulate a holistic concern for the future encompassing financial security, home ownership and professional fulfilment. It also highlights their proactive approach to shaping the future, encompassing both material comfort and personal satisfaction.

Generation Z InfographicGenZ-infographic-mockup

From explaining the defining traits of each generation to shining a light on the emerging Gen Zs and Gen Alphas, this infographic provides a fascinating overview of the generations.

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Article supplied with thanks to McCrindle.

About the Author: McCrindle are a team of researchers and communications specialists who discover insights, and tell the story of Australians – what we do, and who we are.

Feature image: Photo by Joel Henry on Unsplash