Gen-Z buyers with strong credit scores and savings are beginning to make their presence known in various metro areas.
Gen-Z Buyers Accounted for 10% of Homebuyers Last Year
According to LendingTree, Gen Zers, born between 1997 and 2012 and now aged 18 to 24, accounted for approximately 10% of homebuyers across the nation’s 50 largest metros in 2021.
Most of these Gen Z buyers said yes to the South and Midwest and no to expensive coastal markets. Why? According to real estate and mortgage professionals, Gen Zers want to capitalize on rising home values.
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10 Most Popular Markets with Gen Zers
- Salt Lake City UT
– Share of mortgages offered to Gen Zers – 16.60%
– Average Gen Z homebuyer age – 21.82
– Average credit score among Gen Z buyers – 701
– Average down payment – $28,874
– Average requested loan amount – $291,952
- Louisville KY
– Share of mortgages offered to Gen Zers – 15.68%
– Average Gen Z homebuyer age – 22.09
– Average credit score among Gen Z buyers – 699
– Average down payment – $14,268
– Average requested loan amount – $171,883
- Oklahoma City OK
– Share of mortgages offered to Gen Zers – 15.34%
– Average Gen Z homebuyer age – 22.17
– Average credit score among Gen Z buyers – 697
– Average down payment – $19,690
– Average requested loan amount – $173,752
- Cincinnati OH
– Share of mortgages offered to Gen Zers – 14.27%
– Average Gen Z homebuyer age – 22.04
– Average credit score among Gen Z buyers – 702
– Average down payment – $17,375
– Average requested loan amount – $184,447
- Indianapolis IN
– Share of mortgages offered to Gen Zers – 14.08%
– Average Gen Z homebuyer age – 22.31
– Average credit score among Gen Z buyers – 699
– Average down payment – $14,785
– Average requested loan amount – $190,569
- Phoenix AZ
– Share of mortgages offered to Gen Zers – 13.87%
– Average Gen Z homebuyer age – 22.11
– Average credit score among Gen Z buyers – 705
– Average down payment – $29,091
– Average requested loan amount – $272,295
- Minneapolis MN
– Share of mortgages offered to Gen Zers – 13.06%
– Average Gen Z homebuyer age – 22.18
– Average credit score among Gen Z buyers – 706
– Average down payment – $24,254
– Average requested loan amount – $214,731
- Birmingham AL
– Share of mortgage offered to Gen Zers – 13.05%
– Average Gen Z homebuyer age – 22.36
– Average credit score among Gen Z buyers – 699
– Average down payment – $15,869
– Average requested loan amount – $173,969
- St. Louis MO
– Share of mortgages offered to Gen Zers – 12.82%
– Average Gen Z homebuyer age – 22.31
– Average credit score among Gen Z buyers – 700
– Average down payment – $17,823
– Average requested loan amount – $172,316
- Virginia Beach VA
– Share of mortgages offered to Gen Zers – 12.38%
– Average Gen Z homebuyer age – 22.04
– Average credit score among Gen Z buyers – 694
– Average down payment – $18,699
– Average requested loan amount – $214,253
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Thanks to LendingTree and National Mortgage News.
