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Generation Z and the housing market in the U.S. - statistics & facts

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 considerable share has already moved out to live alone, with a partner or a roommate. In 2020, Gen Zers accounted for approximately 22 percent of rent applicants in the United States. Moreover, they are increasingly entering the housing market: in less than two years, the share of Gen Z adults who are planning to buy a house 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.

Interesting statistics

In the following 4 chapters, you will quickly find the 29 most important statistics relating to "Gen Z and the housing market in the U.S.".

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