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Members of Generation Z are emerging in the housing market. Gen Z’s members were born between 1997 and 2012, and the young adults born in that time frame are not only already showing an interest in homeownership but also targeting specific metros to settle into.
LendingTree researchers recently analyzed mortgage offers given to adult Gen Zers across the nation’s 50 largest metros last year. Their analysis shows that adult Gen Zers now comprise an average of 10% of home buyers.
The top location for Gen Zers to call home is Salt Lake City, the study finds. Nearly 17% of mortgage offers in Salt Lake City are to Gen Zers. The next most popular hot spots are Louisville, Ky., and Oklahoma City.
“While Gen Zers don’t make up a huge portion of home buyers in the nation’s largest metros, their numbers are growing,” says Jacob Channel, LendingTree’s senior economic analyst. “And like the millennials before them, they’re poised to become one of the biggest forces in the housing market over the next few decades. Though Gen Zers old enough to buy a house in the near future will likely face headwinds, including high home prices and rising mortgage rates, our study illustrated that becoming a homeowner is still possible for many members of this generation.”