In a report carried out by LendingTree, he demonstrated which cities are the most attractive to Gen Z homeowners, among which highlights Salt Lake City, Utah as the most popular in the real estate market.
In the study to find out what the preferences of one of the younger generations are, almost 23% of mortgage applications were inclined towards Salt Lake City with the 50 most populous metropolitan areas in the United States as an option.
To this is added that 22% of mortgage applications were from Oklahoma City followed by Birmingham, Alabama with 21%.
On the other hand, the analysis showed that Generation Z is avoiding homeownership in the most expensive cities like New York, California, San Franciscowhich were the ones that received the fewest mortgage applications according to LendingTree, since the results suggest that they are less accessible for those who are beginning their professional careers and do not have enough savings.
LendingTree Senior Economist and report author Jacob Channel noted that “a lot of cities in California and places like New York and Washington, DC, are really expensive parts of the countrySo while there are a lot of 23-year-olds who would love to buy a house in San Francisco or Brooklyn, the truth is that it’s really expensive,” he said.
The analyst mentions that currently “young people find themselves in a situation in which mortgage rates are high, home prices are high and they haven’t had races for a long time, so they don’t have as much savings,” he told CBS.
Therefore, the conclusion of the study is that cities like Salt Lake City attract younger homebuyers belonging, since the location has a perfect combination between urban life and recreation activities.
Source: La Opinion