Gen Z homebuyers? Yes, Gen Z'ers are buying homes. You're in Generation Z if you were born between 1997 and 2012.
That means you'll be between age 9 and 24.
Yes, twenty-year-olds buy homes and these are the top cities for people in Gen Z to buy a home:
- Salt Lake City
- Oklahoma City
You can see much of this area is in the midwest.
According to various resources and data, these cities are best for recent college graduates and affordable living, with home prices averaging $150,000 to $153,000.
Generation Z on a budget
According to Yahoo Finance, the top 15 cities for Gen Z'ers on a budget include cities like:
- Baton Rouge, Louisiana
- Corpus Christi, Texas
- Columbia, South Carolina
- Knoxville, Tennessee
- Madison, Wisconsin
- Lincoln, Nebraska
- El Paso, Texas
- And, others
These cities were compiled from data like annual cost of groceries, utilities, and necessities, along with median monthly rent, livability, and other considerations.
Why are young adults quick to jump into homeownership?
It's a natural transition for many recent graduates that have finished their studies at college and secured their new job in a new location. Planting their roots by buying an affordable home is the next logical step for many Gen Z'ers, regardless of if they are single or married.
Plus, homeownership can provide an additional income stream while building equity in your home.
Many homeowners are exploring house hacking where they live in one part of the home and rent out the other rooms.
This can work well with multi-unit properties like a fourplex where the owner lives in one unit and rents out the other three units.
Single family homes can have this setup as well where the owner lives in the master bedroom, rents out the other bedrooms in the home and shares the living space, kitchen, bathrooms and other areas of the home.
This can be a smart way to live mortgage-free, collecting enough rent from your tenants to pay your home loan payment plus extra for a passive income stream.
Are you surprised to see some of these cities on the list?
Share your opinion in comments.