Younger Americans were most likely to take out mortgages in 2023, with the lion’s share going to buyers under 35 (39.7%) and buyers aged 35-44 (25.5%).
A new report reveals these younger buyers scored nearly two-thirds of mortgages in 2023. But where are they putting down roots?
In affordable Rust Belt cities like Pittsburgh, Cincinnati and Detroit, buyers under 35 claimed the biggest share of mortgages. This means more demand and competition for starter homes in these markets.
On the flip side, Millennials and Gen Zers faced an uphill battle in pricey retirement havens like West Palm Beach and Fort Lauderdale, scoring under 30% of loans.
And in the costly Bay Area, it was older Millennials aged 35-44 leading the charge as homebuyers, getting over 37% of mortgages in San Francisco and Oakland.
Are you a Millennial or Gen Zer ready to stake your claim in the housing market? Lets connect and read more on Redfin new here!