Key Highlights
- According to TransUnion, Gen Z mortgage originations increased +84% in 2019
- Study by Freddie Mac indicates that 89% of Gen Zers (ages 8 – 23) plan to buy home by age 30
A recently released study by Freddie Mac indicated that 89% of Gen Zers plan to buy a home by the time they become 30. In fact, according to TransUnion, Gen Z mortgage originations jumped 84% at the end of last year.
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Where does this Gen Z cohort want to buy? LendingTree points to the following cities:
- Salt Lake City – LendingTree indicated that some 8.5% of all mortgage quote requests come from Gen Zers. Average age of these potential buyers? Slightly over 21.
- Oklahoma City – With an average home price of just less than $153,000, most anyone can afford to by in the capital of Oklahoma.
- Indianapolis – Home prices come in just slightly above $185,000 and LendingTree reported that 7.7% of all mortgage shoppers are Gen Z shoppers. Also, SmartAsset identified Indianapolis as one of the best places for college graduates to live.
- Cincinnati – SmartAsset identified Cincinnati as the number one best city for college graduates. LendingTree reported that 7.3% of its shoppers are Gen Zers.
- Minneapolis – Almost 7% of the city’s mortgage requests are from Gen Zers. These potential borrowers are looking for loans in the $150,000 ballpark.
Rounding out the top 15 cities preferred by Gen Zers primarily due to affordability:
- Kansas City MO
- Phoenix
- St. Louis MO
- Louisville KY
- Buffalo NY
- Columbus OH
- Detroit
- Cleveland
- Pittsburg
- Nashville
Thanks to LendingTree.
Also read: Multi-Family Originations to Hit All-Time High in 2020, What’s Hot and What’s Not in September’s Housing Trends, What’s Fueling the Rise of Co-Living Investment?
