So, I was reading the paper today (yes, I read a real newspaper every day) and an interesting article caught my attention. The headline stated that Gen Z was staring to buy houses now.
Gen Z is interesting to me. You see, my children and most of my nieces and nephews fall into this category. I’ve heard a lot of experts say that the house buying need would skip the millennial generation until their 30’s.
So, all of this makes me wonder, are we about to double the amount of people that are looking for houses? Are the millennials about to leave their apartments, and the Gen Z kids look for homes in the suburbs? When I look at the last 13 years, and the two major recession‘s that have slowed down the housing market, it looks like we may be in a perfect storm of demand.
I’ve really been watching labor and material cost lately. I believe now more than ever, that replacement cost will drive appraised values of existing homes up even more. It’s simple supply and demand economics if you ask me. What do you think?