People born after 2000 have entered their twenties and are facing some of life’s big questions: starting a family, buying a home, and gaining financial stability. While more than half of the older representatives of Generation Z still live with their parents, a
to live alone, with a partner or a roommate. In 2020, Gen Zers accounted for approximately
. Moreover, they are increasingly entering the housing market: in less than two years, the
rose substantially and in the second quarter of 2021, it reached 21 percent, which was higher than the national average.
Who are Gen Z?
Generation Z, or the people born between 1997 and 2012, are currently between the age of nine and 24 and represent
roughly 20 percent of the U.S. population. They are the generation that grew up with the internet, smartphones, and social media. Having witnessed the struggles of the previous generations with debt, they are considered more risk averse in their financial behavior. In fact, a 2020 survey, found that nearly one third of older Gen Zers had already started
saving to buy a home. Furthermore, approximately 20 percent of Gen Z adults have become
more eager to buy a home due to the coronavirus (COVID-19) pandemic.
Where would Gen Z like to live?
Having grown up mostly in suburban areas, Gen Zers
would also like to live in suburban areas. Mortgage application data shows that Gen Z home buyers seek housing in relatively inexpensive markets. In Oklahoma City, OK, and Cincinnati, OH, roughly eight percent of
mortgage requests were by Gen Zers, making them the second and third most popular metros for people of this generation. The
average requested mortgage amount in both metros was less than 150,000 U.S. dollars, which is substantially lower than the
median sales price of existing single family homes. When it comes to renting,
the most popular metros were Little Rock, AR and Wichita, KS, with roughly one third of rent applications by Gen Zers. In certain cities, the share of Gen Z rent applicants even
exceeded 50 percent.
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