Salt Lake City, Utah is a magnet for Gen Z home buyers, the population group born after 1996.
The burgeoning tech hub on the edge of the Rocky Mountains attracted they greatest amount of mortgage requests from people between 18 and 23 from the beginning of the year through Oct. 1, according to Lending Tree.
These predominantly first-time buyers are purchasing property mostly in the nation's more affordable metropolitan areas that boast much more reasonable home prices than the high-priced coasts, according to a recent LendingTree study. This group, born after 1996, is stereotypically more frugal and better with money than prior generations. It makes up a little less than 10% of potential home buyers in the country's biggest metropolitan areas.
"Gen Z buyers are young, but that's not stopping some from getting into or trying to get into the housing market," says realtor.com® Chief Economist Danielle Hale. "Areas where Gen Z buyers are finding success are generally affordable, which makes sense since younger buyers tend to have a harder time scraping together a down payment and also tend to have lower incomes."
To see the other top 10 metros where Gen Z is requesting the most mortgages, and where this cohort is requesting the least ...