A new report by Porch looks at the homeownership rate among Generation Z in the U.S. All generations of young buyers have a hard time buying a home because they earn less and have less in savings or equity than older buyers. However, Gen Z-the population born between 1997 and 2012-faces even greater challenges: student debt, rising rents, and unprecedented increases in home prices have put homeownership further out of reach.  To determine the locations with the highest Gen Z homeownership rate, researchers calculated the homeownership rate for householders aged 15–24 in 2020 and ranked metros accordingly. The analysis found that in the Charlotte metro area, 15.4% of Gen Z householders own their homes, up slightly from 15.0% nationally.

In recent years, student debt and rising rents have stretched budgets even further, making it harder to save. Coupled with rising home prices even starter homes are unaffordable. Today, only 34% of adults aged 20 to 34 own a home, compared to 44% in 1960.

Young buyers also face competition from older generations on the market. And these days from rental companies as well. My parents recently sold a house and of 11 offers only one was from a family. The rest were all out-of-state rental companies.

Young people’s changing social and economic norms have also delayed other major life milestones like marriage and having children.  There does appear to be some evidence that places where people get married younger also have more young people who own homes. States where marriage happens earlier have higher rates of homeownership for the age group. Part of this may be simply financial, as a household with combined incomes will have more means to buy a home. Additionally, it may be lifestyle-related, as a married couple would be more inclined to put down roots in a location.

The analysis found that in the Charlotte metro area, 15.4% of Gen Z householders own their homes. Compared to 15.0% nationally. Here is a summary of the data for the Charlotte-Concord-Gastonia, NC-SC metro area:

  • Gen Z homeownership rate: 15.4%
  • Median home price: $362,509
  • Total Gen Z owner-occupied households: 4,645
  • Total Gen Z renter-occupied households: 25,443

For reference, here are the statistics for the entire United States:

  • Gen Z homeownership rate: 15.0%
  • Median home price: $337,560
  • Total Gen Z owner-occupied households: 665,529
  • Total Gen Z renter-occupied households: 3,777,531

For more information, a detailed methodology, and complete results, you can find the original report on Porch’s website: https://porch.com/advice/cities-with-highest-gen-z-homeownership-rate


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