With a mattress purchase tied to major life events (marriage, moving, having kids, moving again, divorce, moving yet again), the mattress industry is inexorably linked to the housing sector—a difficult reality since the housing market began its crash in 2006.
Here’s a bit of good news: Today’s teens believe strongly in homeownership. A survey by Better Homes and Gardens Real Estate shows that four out of five teens (part of Generation Z) say homeownership is the most important factor in achieving the American dream.
A whopping 97% of teen respondents believe they will eventually own a home and would like to buy their first home by the time they are 28 years old—three years earlier than the median age of today’s first-time homebuyers, according to the National Association of Realtors. Before buying, they plan to earn a college degree (60%), get married (59%), own a pet (58%) and have children (21%).
According to the survey, Generation Z teens “understand the value of a home,” estimating they will pay $274,323 for their first house—not far off the $273,500 that is the current median home price in the United States.
Where will these young people live in their purchased homes? Nearly half of respondents expect their house to be in the suburbs. Once settled, this group plans to stay put, expecting to own just two homes in their lifetimes.
Better Homes and Gardens Real Estate surveyed 1,000 U.S. teenagers ages 13 to 17 in July, using an email invitation and an online survey.