FAST FIVE: Gen Z Homebuyers Flock To These Inexpensive Metro Areas
Gen Z Homebuyers Flock To These Inexpensive Metro Areas A new study by Lending Tree found Generation Z (ages 18 to 24) are purchasing homes in America's least expensive “flyover” cities while barely entertaining homeownership in pricey coastal cities. The study analyzed new mortgages across the country's 50 top largest metros in 2021.
Salt Lake City topped the list for Gen Z homebuyers, with 16.60% of mortgages.
Behaviors of this emerging young generation reveal they're flocking to metro areas where they can afford, possibly due to affordability constraints.
The typical Gen Z homebuyer had an average credit score of around 700.
They made up almost 10% of all home purchases in 2021. Since the study was only for the 2021 year, it remains to be seen how soaring mortgage rates in 2022 have changed their buying patterns.