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Gen Z and millennials are most keen to find new homes

About half of Gen Z and millennial respondents intend to move in the coming two years. With many of the Gen Z cohort still living with family or in student housing, this demographic will play a significant role in driving net new housing demand in the coming years.

While the desire to buy property is strong among younger generations, financial constraints remain a key challenge, meaning that rental properties or co-living will be the most viable housing format for the time being.

Perhaps due to a desire for stability as they approach retirement age, only 20% of baby boomers expressed a wish to move. They also displayed a slightly stronger preference for remote locations. A very small percentage of baby boomers live in senior housing, while almost half own their own home and no longer pay a mortgage.

Who is planning to move home?

Source: CBRE Research, 2022.

Homebuying sentiment is robust

Of those who indicated an intention to move in the next two years, more than 60% want to buy instead of rent.

With most respondents already owning a home and seeking to relocate to better properties, purchasing demand is set to be driven by upgrading.

As around half of Gen X and baby boomer respondents already own a house without a mortgage and are less impacted by higher interest rates, a relatively higher proportion of this cohort who are planning to move intend to buy.

Gen Z accounted for around half of demand for shared housing, with around one-third of those doing so currently living with their parents. Co-living properties catering to young singles and those looking to leave their parents’ house can expect to continue to attract strong interest.