Gen Z’s Home Sweet Home: Large U.S. Cities to Make It Happen
These are insights with a focus on NYC boroughs:
Owning a home in New York City often feels like a far-off dream, especially for those under 25. And the boroughs show just how tough it is for young buyers.
To find out where Gen Z has a fighting chance at homeownership, we ranked the country’s 100 largest cities and the five boroughs based on seven relevant metrics.
Here are the key findings for NYC:
- Brooklyn is the toughest borough to crack for Gen Z homebuyers due to home prices being 13 times their median income, a high youth unemployment rate at 14.7%, and limited housing inventory.
- In Manhattan, the dream of owning a home remains a dream for young buyers, with home prices 19 times higher than Gen Z’s median income, and an exorbitant median sale price of over $1 million.
- In 2023, home prices in the Bronx fell by 13%. This $47,000 drop brought the median home prices to 9 times the median incomes of those under 25, which is more reasonable than in the other boroughs.
- Queens and Staten Island fall somewhere in the middle when it comes to most metrics. However, Staten Island stands out among the boroughs – and even among all the large cities on our list – with one of the most significant shares of Gen Z homeowners, exceeding 26%.
Explore the complete data set at the link below: https://www.point2homes.com/news/us-real-estate-news/gen-z-homebuying-havens.html
Thi is our recent study, where we explore the homeownership journey of those under 25, and look at the cities where Gen Z buyers have the most promising chances of becoming homeowners.
Most of the top 10 cities where homeownership is more attainable for the younger generation are primarily located in the Midwest and South. Fort Wayne, IN, and Corpus Christi, TX, lead the way, with Laredo, TX, Memphis, TN, Lincoln, NE and Durham, NC also ranking high in key metrics such as home price-to-income ratios and low youth unemployment rates.
However, challenges persist in major California cities like Fremont, San Diego, San Jose, and even in other places such as Lexington, KY. These areas offer limited to no opportunities for young individuals to buy a home due to factors such as scarce inventory, high youth unemployment rates, and low household incomes.
Check out which cities provide the best opportunities for Gen Z to become homeowners, here: https://www.point2homes.com/news/us-real-estate-news/gen-z-homebuying-havens.html
Banner Image: New Home. Image Credit – Andres Iga
Alexandra Ciuntu
Alexandra is a creative writer for Point2, with a background in covering real estate market trends, renter demographic shifts and industry news. Her work has been featured in several online publications, including the New York Times, Bloomberg, Barron’s, Inman, Forbes, Architectural Digest, and MarketWatch. Alexandra can be reached at alexandra.ciuntu@yardi.com.