As the millennial generation begins to have a more robust presence in purchasing homes, more attention is being paid to the potential homebuyers coming up behind them. A new report by Freddie Mac finds that members of Generation Z are optimistic about buying homes, though they often expect that they'll need to wait several years to achieve this goal.

The survey polled 1,531 Americans between the ages of 14 and 23. Eighty-six percent of these respondents said they would like to own a home someday, and 89 percent said it was at least somewhat likely that they will be homeowners at some point.

Asked to estimate when they expect to buy their first home, the median response was 30 years old. The current median age among first-time buyers is 33.

Ninety-three percent agreed that a home would be something to be proud of, and the same share said it would give them more privacy. Eighty-eight percent thought owning a home would give them more independence and control than renting.

Respondents had somewhat negative views of renting, with 93 percent saying this housing arrangement requires you to live by a landlord's rules and 76 percent saying it would amount to throwing money away. However, 68 percent agreed that renting would give them more flexibility over where they could live while 63 percent said it was less stressful than homeownership and 62 percent said it would put them closer to the attractions of a major city.

Gen Z perceptions of renting were similar to those of millennials of the same age in a 2014 survey. However, Gen Z respondents were less likely to see renting as more appealing or affordable than buying a home.

"The data show that while members of Gen Z clearly aspire to homeownership, they are realistic about potential barriers and understand the potential benefits of renting," said David Brickman, CEO of Freddie Mac. "Although these results are good news for the housing markets, they also highlight the challenges that many in Gen Z will face as they enter the market to rent or buy."

Seventy-seven percent of respondents said they would prefer to live in a single-family home. Thirty-five percent said they would choose to live in a suburb of a large or medium-sized city, while 30 percent said they would prefer to reside in a rural area or small town.

A safe neighborhood was the most desired home quality, with 53 percent saying it was important that they live in an area with a  low crime rate. Forty-eight percent said they wanted to be close to family or friends, while 43 percent said they would want to live near their place of work.

Freddie Mac noted that millennials and Gen Zers had similar aspirations and tastes, and that this could result in more competition at the lower end of the housing market.

"One of the biggest challenges millennials face today is the lack of affordable starter homes," said Sam Khater, chief economist at Freddie Mac. "Given Gen Z's desire for suburban medium-sized homes close to urban areas with amenities, demand for entry level homes will intensify."

Gen Z respondents also worried more about housing accessibility than millennials. Thirty-eight percent of those between the ages of 18 and 23 said they thought the housing market was less accessible than it was three years ago, while 16 percent thought it was more accessible. In a Harris Poll in April, 31 percent of millennials between the ages of 24 and 38 thought the market was less accessible while 27 percent thought it was more accessible.

Sixty-four percent of those between the ages of 18 and 23 who think it is likely that they will buy a home considered high home prices a major obstacle to buying a home, while 32 percent said it would be difficult to save up for a down payment. Thirty-seven percent said employment instability would present a challenge, 30 percent said they have not established a sufficient credit history, and 27 percent said they are burdened with student loan debt.

Nearly two-thirds of respondents—65 percent—said they are not confident in their knowledge of the mortgage process. Sixty-three percent said they were unfamiliar with what kinds of loans are available, and 60 percent said they did not know much about the overall home buying process.

Seventy-one percent said they would ask a parent for advice on buying a home, while 58 percent said they would consult with a real estate agent and 54 percent would use online resources. Seventy-nine percent said they would prefer face-to-face interactions with a professional rather than online services to complete a home purchase.

Thirty-nine percent said they think owning a home is not as important an achievement as it used to be, while the same share said it was too much responsibility. Twenty-seven percent said they did not think owning a home would ever be within their financial means.

"It's clear that many in Gen Z reflect the times in which they have lived," said Brickman. "They were generally young children during the economic crisis of 2008 but have grown up during a remarkable period of sustained economic growth and prosperity. In general, they are more financially educated and aware than previous generations, and they appear to have a clear understanding of the benefits offered by our nation's housing market – and some of its challenges."