Gen Z leads in homeownership, especially in the Midwest, outpacing millennials and Gen X

A recent SmartAsset analysis shows that cities like Indianapolis, St. Louis, and Cincinnati are experiencing a surge in Gen Z homeownership, while California and the Northeast lag behind.

Under 25 and making waves, these young buyers are purchasing homes at an impressive rate.

In 2023, nearly 28% of 24-year-olds were homeowners, surpassing the rates of millennials and Gen X at that age, according to a January Redfin report. A striking quarter of Gen Z, aged 19 to 26, entered the housing market last year.

Indianapolis leads the pack with the highest percentage of Gen Z homeowners among major U.S. metro areas.

Although just 1.6% of the local Gen Z population bought homes, it's the highest rate among 40 large cities. These 2,266 young buyers are purchasing homes with a median value of $225,000 and earning a median income of $65,000.

St. Louis comes in second, with just under 1.6%, or 2,649, Gen Z homebuyers. There, the median property value is $185,000, and these new homeowners have a median income of around $63,000 annually.

Other popular areas include Jacksonville, Virginia Beach, and Kansas City, while cities like Detroit, Cleveland, and Pittsburgh offer homes typically priced below $200,000, with incomes under $65,000.

Surprisingly, none of Texas' rapidly growing cities made the top 10 for Gen Z homeownership.

Meanwhile, San Francisco, New York City, Los Angeles, and Boston have the lowest rates. In San Francisco, the median home value for Gen Z buyers exceeds $1 million, with only 93 homes purchased by Gen Zers last year.

tastytrade logo+
Get the best broker for options trading and receive up to $5,000 in cash with an eligible account deposit at tastytrade. Get $50 when you deposit $2000. Offer expires 12/31/24. Certain restrictions, terms and conditions apply.
Unusual Whales does not confirm the information's truthfulness or accuracy of the associated references, data, and cannot verify any of the information. Any content on this site or related pages are not intended to provide legal, tax, investment or insurance advice. Unusual Whales Inc. is not registered as a securities broker-dealer or an investment adviser with the U.S. Securities and Exchange Commission, the Financial Industry Regulatory Authority (“FINRA”) or any state securities regulatory authority. Nothing on Unusual Whales should be construed as an offer to sell, a solicitation of an offer to buy, or a recommendation for any security by Unusual Whales or any third party. Options, investing, trading is risky, and losses are more expected than profits. Please do own research before investing. Please only subscribe after reading our full terms and understanding options and the market, and the inherent risks of trading. It is highly recommended not to trade on this, or any, information from Unusual Whales. Markets are risky, and you will likely lose some or all of your capital. Please check our terms for full details.
Any content on this site or related pages are not intended to provide legal, tax, investment or insurance advice. Unusual Whales Inc. is not registered as a securities broker-dealer or an investment adviser with the U.S. Securities and Exchange Commission, the Financial Industry Regulatory Authority (“FINRA”) or any state securities regulatory authority. Nothing on Unusual Whales should be construed as an offer to sell, a solicitation of an offer to buy, or a recommendation for any security by Unusual Whales or any third party. Certain investment planning tools available on Unusual Whales may provide general investment education based on your input. You are solely responsible for determining whether any investment, investment strategy, security or related transaction is appropriate for you based on your personal investment objectives, financial circumstances and risk tolerance. You should consult your legal or tax professional regarding your specific situation. See terms for more information.