Top Housing Markets for Gen Z Homebuyers Announced
Those Gen Z, born between 1997 and 2012, are growing up and reaching typical homebuying years and entering the housing market. A report from Point2 Homes ranked the 100 largest cities in order of which gave Gen Z the best chances of purchasing property.
According to The Mortgage Reports, Inflated prices and few for-sale options permeate most of the U.S. housing market. Finding an oasis of affordability could be a challenge.
This can especially be true for prospective Gen Z home buyers, the latest age demographic entering the fray. Those looking to become homeowners could find better opportunities across the South and Midwest, according to Point2 Homes.
“Perhaps more than the generations before, Gen Z home buyers need homes that won’t break the bank but still offer great bang for their buck. To improve their chances of becoming young homeowners, it’s important to focus on improving their credit scores as early as possible,” said Alexandra Ciuntu, Creative Writer at Point2.
“Considering their personal debt load, a young buyer will have to figure out a budget that makes sense for them – not just for the home cost, but for additional expenses like closing costs, subsequent fees, and, of course, a down payment. To that end, researching homes is as important as researching financial help home programs – There are state and local programs that can help young buyers qualify for payment assistance.”
Fort Wayne, Ind., Corpus Christi, Texas, and Detroit, Mich., received the highest scores in the country for Gen Z home buyers.
