The 10 most popular markets for Gen Z home buyers
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Gen Zer homebuyers are beginning to make a dent in the share of mortgage offers made in some of the nation’s trendiest metropolitan areas.
The young adults are more eager than their millennial predecessors to buy homes and are bringing with them credit scores and savings that stack up well with older competing homebuyers, experts said. Of people born between 1997 and 2012, Gen Zers aged 18 to 24 accounted for approximately 10% of homebuyers across the nation’s 50 largest metros last year, according to LendingTree.
Mortgage and real estate professionals praised the next generation’s financial habits, suggesting Gen Zers want to capitalize on rising home values.
“These guys and gals are in the mid-700s credit-score wise. They really did their homework,” said Andy Shelby, a senior loan officer and assistant branch manager at Broker House Lending in Louisville, Kentucky. “They don’t teach you that stuff in school. I don’t know how they’ve prepared themselves for homeownership.”
LendingTree analyzed the percentage of mortgages offered to adult Gen Z users of LendingTree’s online lending marketplace in 2021 and ranked the 10 most popular metros among that age group. National Mortgage News spoke to local professionals who explained why Gen Zers are saying no to ultra-expensive coastal markets and choosing to settle down in these markets instead.
Some of the quotes have been edited and condensed for clarity.
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