Lexington is the third-worst city in the country for Gen Zers – people 27 and under – looking to buy a home. That’s according to a study by the online publication Point 2 Homes. Dave Blackwell, who teaches a real estate finance course at UK’s Gatton College of Business and Economics, said the study’s findings didn’t surprise him – for two major reasons.
“One is that Gen Z, in general, in Kentucky, their salaries tend to be lower than the national averages, for sure. Gen Z salaries in Kentucky average around $30,000.”
Blackwell said the other major reason is the average home price in the commonwealth — about 285-thousand dollars, and about $300,000 for single family homes.
“I brought up this whole issue in my class yesterday and let’s just say there were lots of heads nodding. Now, senior finance students aren’t typically going to be out trying to buy a home, but they see the supply squeeze and the higher prices.”
Blackwell said many of those students also face student debt – but despite those challenges, they want to remain in the area after graduation.