The more affordable Midwest has become a haven for the newest wave of homebuyers, according to CoreLogic.
Midwest markets are seeing a larger share of Gen Z homebuyers, the oldest of whom are now hitting their late 20s, the company writes in a recent report.
Gen Z, also known as Zoomers, accounted for 13% of home purchase applications nationwide in 2024, up 3% from 2023, CoreLogic found.
The share of Gen Z buyers, however, is significantly higher in several Midwest cities where homes are more affordable. Cities with the highest share of young loan applicants include Des Moines, Iowa (21%); Omaha, Nebraska (21%); Youngstown, Ohio (20%); Dayton, Ohio (20%); and Grand Rapids, Michigan (20%).
All these cities have in common reasonably affordable homes with median prices typically lower than the national median of $332,000.
By contrast, the share of young buyers was low in more expensive markets, such as Oxnard, California (4%); Los Angeles (5%); urban Honolulu (5%); and Bridgeport, Connecticut (6%).
CoreLogic also found that communities with high retirement populations tend to have lower rates of Gen Z homebuyers.
