Gen Z is passing older gens in homeownership rates. A January report from Redfin revealed that 28% of 24-year-olds owned homes in 2023, surpassing the homeownership rates of 24% for Millennials and 23% for Gen X at the same age. In May, it also showed that nearly 40% of new mortgages in 2023 were issued to buyers under 35-years-old, a rise compared to the previous two years. And as a significant number of Gen Z homebuyers are working remote or hybrid jobs, this may have enabled them to buy homes in more affordable areas outside major cities—particularly in the Midwest. (Business Insider)
📊 YPulse data: 19% of 18-24-year-olds anticipate buying a home in the next year
