An overwhelming majority of U.S. teenagers consider homeownership part of the American dream and expect to perform many steps in the home buying process online, according to a recent survey.
In a survey of 1,000 teens age 13 to 17, 82% said owning a home is the “most important” factor in achieving the American dream, and 97% expect to own a home, according to real estate franchise Better Homes and Gardens Real Estate, a subsidiary of Realogy Holdings Corp.
That 97% of would-be homeowners estimate it will pay an average of $274,323 to purchase their first home. That compares to the current median home price in the U.S. of $273,500, the survey said, citing Census Bureau data.
When it came to how they would shop for homes, 95% of the teen respondents said they will take key steps in the process online, like viewing home listings and taking virtual tours. However, only 29% expected to video chat with real estate agents.
In addition, 59% of respondents said they think they would seek the assistance of a real estate agent to buy a home, and only 19% said they are likely to purchase a home online.
“For a generation living in an online world and knowing no limits to online commerce, seeing the overwhelming response from today’s teens on the value of working with real estate sales associates reinforces the importance of relationships and the human element in such a sophisticated and important transaction,” said Sherry Chris, president and CEO of Better Homes and Gardens Real Estate, in a press release.
When asked what they’d rather have in the future, 77% chose owning a home over owning a business. And respondents said they expect to own their first home by age 28, which is three years earlier than the current median age of first-time homebuyers, said Better Homes and Gardens, citing National Association of Realtors data.