Housing Market 2024: 10 Cities Where Gen Z Can’t Afford a Home

Many Gen Z adults are just starting out in their careers, so it’s not surprising that very few are homeowners. According to the latest Census data, only 17% of Gen Z adults own their homes.

This is likely due to a mix of factors, including wanting to be location-independent, wanting to save money, or simply because they can’t afford a home. In a market with high home prices and high mortgage rates, affordability is likely one of the biggest barriers to homeownership for this generation.

Of course, some markets are more affordable for Gen Z than others. By looking at factors including home price-to-income ratio (how many household incomes fit into the median home price), sale price trends, inventory, shares of homes selling above listing price, days on market, and the homeownership and unemployment rates for adults under 25, Point2 ranked the cities where Gen Z is most and least likely to be able to buy a home.

In these 10 cities, homeownership is close to impossible for Gen Z.

• Home price-to-income ratio: 22.8
• Median sale price change 2022 to 2023: 6.34%
• Inventory per 10,000 residents: 6.4
• Share of homes sold above listing price: 70.2%
• Average days on market: 10
• Gen Z homeownership rate: 1.4%
• Gen Z unemployment rate: 11.4%

• Home price-to-income ratio: 22.8
• Median sale price change 2022 to 2023: 8.43%
• Inventory per 10,000 residents: 8.5
• Share of homes sold above listing price: 39.2%
• Average days on market: 17
• Gen Z homeownership rate: 6.1%
• Gen Z unemployment rate: 8.7%

• Home price-to-income ratio: 11.4
• Median sale price change 2022 to 2023: 6.98%
• Inventory per 10,000 residents: 11.4
• Share of homes sold above listing price: 37.5%
• Average days on market: 55
• Gen Z homeownership rate: 3.5%
• Gen Z unemployment rate: 12.8%

• Home price-to-income ratio: 15.7
• Median sale price change 2022 to 2023: 4.9%
• Inventory per 10,000 residents: 4.7
• Share of homes sold above listing price: 59.3%
• Average days on market: 17
• Gen Z homeownership rate: 1.8%
• Gen Z unemployment rate: 7%

• Home price-to-income ratio: 9.4
• Median sale price change 2022 to 2023: 9.8%
• Inventory per 10,000 residents: 12.8
• Share of homes sold above listing price: 48.4%
• Average days on market: 35
• Gen Z homeownership rate: 1.8%
• Gen Z unemployment rate: 11.1%

• Home price-to-income ratio: 22.1
• Median sale price change 2022 to 2023: 5.72%
• Inventory per 10,000 residents: 14.4
• Share of homes sold above listing price: 42.7%
• Average days on market: 43
• Gen Z homeownership rate: 5.6%
• Gen Z unemployment rate: 10.6%

• Home price-to-income ratio: 9.9
• Median sale price change 2022 to 2023: 6.73%
• Inventory per 10,000 residents: 16.7
• Share of homes sold above listing price: 45%
• Average days on market: 19
• Gen Z homeownership rate: 2.8%
• Gen Z unemployment rate: 9.3%

• Home price-to-income ratio: 8.9
• Median sale price change 2022 to 2023: 6.67%
• Inventory per 10,000 residents: 4.9
• Share of homes sold above listing price: 50.6%
• Average days on market: 11
• Gen Z homeownership rate: 7.1%
• Gen Z unemployment rate: 20.8%

• Home price-to-income ratio: 11.8
• Median sale price change 2022 to 2023: 4.57%
• Inventory per 10,000 residents: 37.9
• Share of homes sold above listing price: 51.2%
• Average days on market: 10
• Gen Z homeownership rate: 1.5%
• Gen Z unemployment rate: 9%

• Home price-to-income ratio: 23.2
• Median sale price change 2022 to 2023: 9.64%
• Inventory per 10,000 residents: 11.5
• Share of homes sold above listing price: 64.7%
• Average days on market: 54
• Gen Z homeownership rate: 16%
• Gen Z unemployment rate: 17.8%

All data is sourced from Point2 and is accurate as of Jan. 16, 2024.