(NEXSTAR) – Shopping for a home has been an American nightmare for Generation Z in recent years, as mortgage rates and home prices skyrocketed – but in 2024 there are some cities where hope springs anew.
A recent analysis by Point2Homes found that Gen Z buyers, who are more likely to have entry-level incomes and no home equity, may have the best chance of owning a home in the South and Midwest.
The study ranked the country’s 100 major cities using a weighted score based on seven metrics: home price-to-income, median sale price difference in 2023 vs. 2022, inventory, homes sold above listing, days on market, homeownership rate and unemployment rate.
“Although still new in the housing market, Gen Z’s homebuying patterns already diverge from those of older generations due to their unique lived experiences,” the study’s author notes. “Growing up during a global crisis, they have a heightened focus on wellbeing and going with whatever feels right. And for many, what feels right is having stability earlier in their lives compared to, say, millennials when they were the same age .”