Surprise ranks No. 1 in U.S. for attracting young homebuyers
By: AZ Big Media
The housing market is rapidly changing, and it’s scaring off many young people who were planning to buy their first home. In a new study, SmartAsset analyzed the 200 largest cities where more (and fewer) young people are buying homes and our findings show that Surprise ranks No. 1 among U.S. cities with the most young homebuyers.
The housing market has increasingly discouraged young people from buying homes. A June 2022 survey by Money and Morning Consult found that given the state of the housing market over the past two years, 48% of Generation Z and 44% of Millennials report that they are less likely to buy a home. This is significantly higher than the 38% of people overall who report wariness.
Some cities, however, have attracted more young homebuyers in recent years than others. In this study, SmartAsset analyzed the cities where more (and fewer) young people are buying homes. We compared 200 of the largest cities across two metrics: 2021 homeownership rate for those under 35 and the 10-year change in homeownership rate for those under 35. For more information on our data and how we put it together, read our Data and Methodology section below.
This is SmartAsset’s second annual study on where young homebuyerse are buying homes. Read last year’s version here.