Why Gen Z buyers are looking beyond Seattle
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Where are Gen Zers looking to break into the housing market? Not so much in Seattle as they increasingly set their sights on more affordable parts of the country, new data shows.
Why it matters: High housing costs and a supply crunch have made it harder, especially for younger people, to become homeowners.
The big picture: Gen Z represented 13% of all U.S. home mortgage applications in 2024, up from 10% in 2023, according to an analysis by CoreLogic, an industry data provider.
- Less pricey parts of the Midwest and South saw the highest Gen Z shares, while pricey coastal metros lagged.
- Gen Z represented 6.9% of home mortgage applications in Seattle, per CoreLogic.
What they did: CoreLogic researchers looked at 2024 mortgage applications, accepted or not, excluding investors, second-home buyers and cash buyers.
Zoom in: With just one month of housing supply in February — the lowest in the nation — and the fourth highest median price, greater Seattle is one of the nation's toughest markets for first-time buyers, according to a recent report from RE/MAX.
What they're saying: While Gen Z is still drawn to Seattle for jobs, "younger workers are tending to rent rather than buying homes," John Manning, managing broker for RE/MAX Gateway in Seattle, told Axios.
Between the lines: Gen Zers, those roughly ages 12–28 today, are expected to make up a bigger piece of the homebuying pie as they get older.
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.
What to watch: Some aspiring homeowners are getting creative — splitting a mortgage with friends or buying rental properties in cheaper cities.