People under 30 in the nation’s largest metros represent 20.3% of the adult population but only 4.7% of mortgage holders. The article highlights how younger buyers seek homes priced much lower than those normally sought by older buyers. Market dynamics have created a scenario where older homeowners are not downsizing as expected, due to high interest rates, contributing to a housing shortage for younger generations, especially Gen Z, who are spending considerable amounts on housing yet face significant financial barriers.
Despite comprising over 20% of the population in major metros, people under 30 hold only 4.7% of mortgages, with significant variations across locations.
Younger buyers are looking for homes significantly cheaper than older ones, averaging $92,332 compared to $367,681 for those 30 and over.
Experts highlight a vicious cycle: older homeowners aren't downsizing, leading to a housing shortage for younger buyers, especially Gen Z.
Gen Z will spend an average of $165,000 on housing by age 30, including all related costs, indicating financial challenges and market dynamics.
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