Members of Generation Z, we salute you.
Not only do members of this age cohort — born between 1997 and 2012 — have more super savers than other generations, but 30% of 25-year-olds owned a home in 2022, according to real estate brokerage firm Redfin.
That puts them on a faster pace to homeownership than their parents in Generation X. At the same age, 27% of Gen Xers owned a home.
Members of Generation Z are especially likely to buy homes in more affordable markets around the country. Following are the metros with the biggest share of home purchases by those who are under the age of 25.
1. Virginia Beach, Virginia
Primary-home purchases in this metro area that were made by buyers under age 25 in 2022: 8.9%
Virginia Beach’s popularity with Generation Z helped land it at No. 2 on the list of “15 Affordable Cities With Large Populations of Young People.”
2. Cincinnati
Primary-home purchases in this metro area that were made by buyers under age 25 in 2022: 8.5%
Members of Generation Z who want to stretch out in a bigger home should consider Cincinnati.
The city appeared in our story “Houses Offer More Square Feet for the Money in These 10 Markets.”
3. Detroit
Primary-home purchases in this metro area that were made by buyers under age 25 in 2022: 7.9%
Why do members of Generation Z love the Motor City? Possibly it’s because Detroit tops the list of “The 5 Most Affordable Housing Markets in America.”
The rest of the top 10
Other cities feeling the love from Generation Z homebuyers include these, shown with their share of primary-home purchases in 2022:
- St. Louis: 7.5%
- Indianapolis: 7.1%
- Pittsburgh: 7%
- Kansas City, Missouri: 6.7%
- Cleveland: 6.6%
- Warren, Michigan: 6.6%
- Minneapolis: 6.5%
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