Gen Zers aren't buying homes in SF
Add Axios as your preferred source to
see more of our stories on Google.

More Gen Zers are looking to break into the home market — but not in San Francisco, 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 Zers are 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: San Francisco, where the median home price is $1.4 million, stands in sharp contrast.
- Gen Z comprised about 4% of home mortgage applications in the area, per CoreLogic.
The fine print: CoreLogic researchers analyzed 2024 mortgage applications, accepted or not, and they excluded investors, second-home buyers and cash buyers.
Reality check: Many who take the plunge get help from mom and dad.
- Younger generations are increasingly banking on family money for down payments, Redfin research shows.
- And house hunters commonly ask loved ones for cash instead of traditional wedding or baby gifts.
Yes, but: Though San Francisco offers some programs for first-time homebuyers with low to moderate incomes, 93% of homeowners in the area are 35 and older, census data found.
Stunning stat: You need to make over $400,000 a year to afford the mortgage on a median-priced home here.
- That's much higher than the $115,000 salary needed for the typical U.S. home.
What to watch: Some aspiring homeowners are getting creative — splitting a mortgage with friends or buying rental properties in cheaper cities.

