These 5 Most Affordable Cities Are Becoming Popular With Gen Z: Should You Consider Them When Buying a First Home?
Written by
Josephine Nesbit
Edited by
Nicholas Morine
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If there’s one thing we can definitely say, it’s that Gen Z isn’t following in the footsteps of millennials concerning real estate prospects.
When it comes to cities they want to call home, the greatest number of Gen Zers between the ages of 18 and 24 are moving to Ann Arbor, Michigan, according to financial services company SmartAsset. SmartAsset used data from the Census Bureau’s American Community Survey to determine the U.S. cities that saw the most Gen Zers move in throughout 2022 to conduct its research.
Millennials, on the other hand, are moving to Cambridge, Massachusetts. CNBC Make It noted that while both cities offer active downtown areas and prestigious academic landscapes, Ann Arbor has a significantly lower cost of living.
But when you look at the data, it makes sense. According to CNBC Make It, most of the cities Gen Z are flocking towards are college towns, including Ann Arbor. While Cambridge is also a college town, millennials are primarily settling in areas known for their post-graduate career prospects, including Silicon Valley and Seattle.
But are these affordable areas to buy your first home? Here are the top U.S. cities where Gen Zers are moving with the most affordable housing prices, according to SmartAsset. All cost of living data was sourced from Salary.com.
1. Lubbock, Texas
- New Gen Zers moved in as a percentage of population: 10.64%
- Total Gen Zers as a percentage of population: 19.04%
- Housing prices compared to the national average: 35.1% lower.
- Overall cost of living compared to the national average: 8.8% lower.
2. Fargo, North Dakota
- New Gen Zers moved in as a percentage of population: 10.59%
- Total Gen Zers as a percentage of population: 18.20%
- Housing prices compared to the national average: 34.5% lower.
- Overall cost of living compared to the national average: 3.5% higher.
3. College Station, Texas
- New Gen Zers moved in as a percentage of population: 22.20%
- Total Gen Zers as a percentage of population: 39.22%
- Housing prices compared to the national average: 27.1% lower.
- Overall cost of living compared to the national average: 15.7% lower.
4. Tallahassee, Florida
- New Gen Zers moved in as a percentage of population: 17.37%
- Total Gen Zers as a percentage of population: 29.49%
- Housing prices compared to the national average: 22.0% lower.
- Overall cost of living compared to the national average: 2.5% lower.
5. Gainesville, Florida
- New Gen Zers moved in as a percentage of population: 15.40%
- Total Gen Zers as a percentage of population: 35%
- Housing prices compared to the national average: 21.8% lower.
- Overall cost of living compared to the national average: 2.0% lower.
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