Gen Z’s American Dream Doesn’t Start With Buying a House, Says Survey

For generations upon generations, buying a house has represented one of life’s biggest financial achievements—one of life’s biggest milestones overall. Younger renters, however, appear to be reconsidering that milestone, with a new survey finding that Gen Z places greater importance on investing than on becoming a homeowner.

The findings suggest that the traditional American Dream is changing, at least among younger people who haven’t yet entered the housing market. Building wealth through investments is increasingly seen as an achievement in its own right.

With high housing costs continuing to complicate the path to homeownership, some young adults are looking for ways to improve their financial futures without buying property.

That doesn’t necessarily mean they’ve given up on owning a home someday. Instead, the research points to a growing distinction between what younger renters hope to achieve eventually and what makes them feel financially successful today.

Investing Overtakes Homeownership as a Measure of Success

The findings come from property-management technology company Entrata’s 2026 Resident Pulse survey, conducted in partnership with YouGov.

According to MarketWatch, 37% of Gen Z renters identified investing as a milestone that makes them feel successful. Homeownership trailed at 25%, making Gen Z the only generation surveyed more likely to associate investing with success, rather than buying property.

Financial freedom also ranked highly, with 70% of Gen Z renters associating it with success, compared with 55% who made that association with homeownership.

Chase Harrington, Entrata’s president, told MarketWatch that younger renters are increasingly focused on financial independence and eliminating debt rather than treating homeownership as the defining achievement.

This doesn’t mean that 37% of younger renters necessarily have investments or that the rest have rejected homeownership. The survey measured perceptions of success, not actual investment participation or plans to purchase a house.

Younger Renters Still Want Homes, Just Not at Any Cost

Other research from Entrata indicates homeownership remains an important aspiration, even as financial pressures reshape renters’ decisions.

In an April 2026 announcement, the company reported that 81% of surveyed Gen Z renters considered renting the smarter financial choice at the time.

Yet the company’s September analysis found that 81% of Gen Z renters still hoped to own a home someday.

Affordability helps explain the hesitation. Entrata found that 38% of renters overall struggled to afford both the monthly payments and upfront costs required to purchase a home. Nearly half considered homeownership financially out of reach.

Separate research from U.S. Bank reinforces the trend. Its September survey found that 62% of Gen Z respondents considered the stock market a more realistic path to wealth than homeownership, although 29% also reported abandoning plans to buy a home for financial reasons.

The results suggest that the familiar dream of owning a house hasn’t disappeared. For many younger renters, achieving financial security may simply come first, whether that eventually leads to a mortgage or not.