Tampa Bay sees rise in Gen Z homeowners
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Gen Zers have begun to break into Tampa Bay's home market, 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 U.S. home mortgage applications in 2024, up from 10% in 2023, according to an analysis by CoreLogic, an industry data provider.
- In the Tampa Bay metro, where the median home price is $355,000, Gen Z homebuyers represented an estimated 10.8% of mortgage applications.
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.
- 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.
What to watch: Some aspiring homeowners are getting creative — splitting a mortgage with friends or buying rental properties in cheaper cities.