Here's where Gen Z consumers can buy a home in the U.S.
FILE-A for sale sign hangs in front of a home on August 22, 2023. (Photo by Liu Guanguan/China News Service/VCG via Getty Images)
The soaring cost of housing makes it challenging for many consumers to find their next place to live. But a new study shows there are some areas nationwide where the dream of buying a home for the Gen Z generation isn’t impossible.
In a recent report from Point2Homes, researchers compiled a list where these young consumers can find success buying a home.
To collect their data, the team assessed the 100 largest markets in the U.S. by population based on Census Estimates from 2021. The study also uses statistics on home price-to-income ratio, Gen Z homeownership rates, unemployment rates for people under 25 years old, homes sold above listing price, and days a home is on the market.
RELATED: Buying a home now 50% more expensive than renting, thanks to soaring mortgage rates
Here are the places young consumers can afford to buy homes.
Top 10 U.S. cities for Gen Z consumers to buy homes
- Fort Wayne, Indiana
- Corpus Christi, Texas
- Detroit, Michigan
- Laredo, Texas
- Memphis, Tennessee
- Lincoln, Nebraska
- Durham, North Carolina
- Fort Worth, Texas
- Aurora, Colorado
- Scottsdale, Arizona
The complete list of cities can be found here.
While these places provide optimism for young prospective homeowners to buy a house, the study also points out areas that are more expensive for Gen Zers.
RELATED: Housing is expensive for a record half of American renters, study shows
Of the ten cities ranked least affordable to purchase housing, seven are in California: Fremont, San Diego, Los Angeles, San Jose, Riverside, Sacramento, and Chula Vista. The other locales listed are Lexington, Kentucky, Richmond, Virginia, and Newark, New Jersey.
This story was reported from Washington, D.C.