Gen Zers aren't buying homes San Diego
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More Gen Zers are looking to break into the home market — but not so much in San Diego or other West Coast cities, new data shows.
Why it matters: High housing costs and a supply crunch have made it harder, especially for younger people, to become homeowners, even as Gen Z is expected to make up a bigger piece of the homebuying pie as they get older.
The big picture: Gen Z, roughly ages 12–28 today, represented 13% of U.S. home mortgage applications in 2024, up from 10% in 2023, according to an analysis by CoreLogic, an industry data provider.
- Relatively affordable parts of the Midwest and South saw the highest Gen Z shares, while pricey coastal metros lagged behind.
Zoom in: In San Diego County, where the median home price is $864,000, Gen Z comprised about 6% of home mortgage applications, per CoreLogic.
- You need to make $242,560 to afford the mortgage on a median-priced home here, but there are local programs that help first-time homebuyers and teachers.
The fine print: CoreLogic researchers analyzed 2024 mortgage applications, accepted or not, and they excluded investors, second-home buyers and cash buyers.
Between the lines: Many aspiring homeowners are relying on Mom and Dad for down payments.
- Others are getting creative by splitting a mortgage with friends or buying rental properties in cheaper cities.