At 21% of the current U.S. population, older Gen Zers (ages 18-27) are making their way into the world. With inflation slowing and the housing market seeing a correction, this generation is about ready to take their first steps into homebuying. However, despite better signs, there’s still a lot of issues throughout the housing market that leave a lot of barriers to first time homeownership. Where can Gen Zers turn to find the best market to buy their first home?
A new report from Point2 ranks the U.S.’s 100 major cities on a few metrics to determine which are the best for Gen Zers to buy their first home. Metrics included: the home price-to-income ratio, the median sale price difference, housing inventory, the share of homes sold above listing price, days on the market, the homeownership rate and the unemployment rate.
Overall, the Midwest and the South dominate the rankings, boasting affordability and opportunity for Gen Zers. Meanwhile, California leaves the prospective first time buyers with very little options.
The top 10 major cities where it’s easiest for Gen Zers to buy a home:
- Fort Wayne, Indiana (score of 84.20 out of 100)
- Corpus Christi, Texas (score of 80.55)
- Detroit, Michigan (score of 80.53)
- Laredo, Texas (score of 78.7)}
- Memphis, Tennessee (score of 77)
- Lincoln, Nebraska (score of 75.18)
- Durham, North Carolina (score of 73.48)
- Fort Worth, Texas (score of 73.13)
- Aurora, Colorado (score of 72.78)
- Scottsdale, Arizona (score of 72.53)
