Luck or Timing? Gen Z Dominates Homeowner Rates in the Midwest 

Seems like Gen Z is making a name for itself once again. Despite being the most recent addition to the workforce, these young ones owned more homes in the Midwest compared to their tenured Millennial and Gen X peers.   

By the Numbers 

A recent study conducted by SmartAsset studied the 2023 mortgage data and showed where Gen Zers led in buying properties. The top five on the list were Indianapolis, IN, St. Louis, MO., Cincinnati, OH, Jacksonville FL., and Virginia Beach, VA., with an average of 2,146 mortgages approved in these metropolitan locations.  

Another revealing study came from RedFin, where despite only 26% of Gen Zers owning a home as of 2023, they’re still outpacing Millennials and Gen Xers when they were in that age group. For example, 24-year-old Gen Zers amount to 27.8% of homeowners, while only 24.5% of Millennials and 23.5% of Gen Xers owned homes when they were 24. 

What’s Pushing the Lead? 

So, the big question here is how Gen Zers achieved this monumental feat. Looking at some figures, it could be a combination of timing, technology, and a dash of luck.  

Many Millennials joined the workforce around 2008, the same time the US and the rest of the world were experiencing the Great Recession. Lasting a few years, the recession caused a downturn in the local and international economy, which limited income opportunities and hampered their ability to buy homes. Gen Zers, on the other hand, took advantage of low mortgage rates during the pandemic.  

Then there’s also work availability. Compared to the older generation where opportunities were limited, Gen Zers had the option to work from home or in a hybrid setting. This allows for relocation to less populated and more affordable areas. 

Another factor is the access to more information thanks to social media. Many content creators help clear out how the homebuying process goes, along with tips on buying properties at a young age, empowering them to pursue homeownership. 

Things are looking good for the real estate market, now that Gen Z is actively participating in buying homes. Whether you’re a Gen Xer, Millennial, or a GenZer, the market is full of possibilities.  

Let ijaraCDC join you on this homebuying journey with our reliable Sharia-compliant structuring. Talk to our team today to learn more.