- Gen Z is entering the housing market despite economic challenges, accounting for 25% of first-time loans.
- Some Gen Z buyers receive family help, while others save independently, showing determination.
- Remote work allows flexibility in location, aiding young buyers in affording suburban homes.
SALT LAKE CITY — Despite daunting market conditions, America’s youngest generation of adults is managing to break into the housing market in growing numbers.
Members of Generation Z, the cohort between the ages of 13 and 28, came of age during the economic upheaval of the COVID-19 pandemic. In the years since, home prices have surged and the nation’s housing shortage has deepened — conditions that risk leading some young adults to give up on the dream of homeownership altogether.
Still, many in Gen Z are forging ahead with homeownership. The generation now accounts for one in four loans issued to first-time home buyers, according to data from financial services company Intercontinental Exchange. And a Redfin report from January 2024 found that Gen Z’s homeownership rate is outpacing that of Millennials and Gen Xers when they were the same age…