Gen Z homebuyers like Ohio
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Illustration: Aïda Amer/Axios
America's youngest adult generation has taken to Ohio.
Driving the news: Generation Z — people born between 1997 and 2012, inclusive — made up more than 16% of mortgage requests last year in Cleveland, 17% in Columbus and 20% in Cincinnati, a June report from LendingTree found.
- All three cities ranked in the top 20 of the country's 50 largest metro areas for potential Gen Z homebuyers.
Why it matters: Adult Gen Zers (ages 18 to 25) account for an average of nearly 15% of potential homebuyers across the nation's 50 largest metros, Axios' April Rubin reports.
- That figure will probably grow as younger members of the generation begin their adult lives.
Zoom in: A major part of Ohio's appeal, and Cleveland's in particular, is low cost.
- Of the top 50 metros, Cleveland had the lowest average requested loan amount among potential Gen Z homebuyers at $193,600.
Zoom out: Cincinnati had the third-lowest at $198,108, while Columbus had the 14th-lowest at $225,348.
- Salt Lake City, the most-popular metro for Gen Zers, had an average requested loan amount of $340,484.
Reality check: Gen Z still has obstacles to home ownership, including high home prices, steep interest rates and slow construction.
- Three-quarters (74%) of Gen Zers said they've delayed financial decisions, including buying a home, due to student loan debt, according to a Bankrate survey published in April.
Meanwhile, the U.S. Supreme Court is expected to rule this week on two challenges to President Joe Biden's student debt forgiveness program, which would cancel up to $20,000 in federal loans for eligible borrowers.