Business View Magazine - Mar 2024

Source- americancityandcounty.com , Michelle M. Havich, First Published 5th February, 2024 Being able to own a home is a goal for many, but the pandemic, inflation, high home prices and high mortgage rates have made that goal difficult for younger people on entry-level salaries. Gen Z (born between 1997 and 2012) are finding that better options are available in the Midwest and the South, instead of coastal living. To look at the feasibility of Gen Z owning a home, Point2 recently rated the U.S.’s 100 major cities (including the five New York City boroughs) and ranked them based on seven metrics: • Home price-to-income ratio to see how many household incomes—where the householder is under 25—would be needed to reach the median home price in a market. • Median sale price difference to understand how home 2023 prices are more impactful compared to 2022. • Inventory (per 10,000 residents) to see how many housing options are available. • Share of homes sold above listing price to assess bidding and competitivity in a market. • Days on the market to determine how quickly homes sell and measure competitivity • Homeownership rate to assess the real probability of adults under 25 achieving homeownership. • Unemployment rate to see where young adults have lower chances of financing homeownership. Point2 then used weighted averages of the metrics to calculate where Gen Z have a chance at homeownership, and ranked the 100 cities in order. Click the gallery above to see the top 10 cities offering Gen Z the best chance at home ownership. 10 BIG U.S. CITIES WHERE IT’S EASIER FOR GEN Z TO BECOME HOMEOWNERS OPENING L INES 13 BUSINESS VIEW MAGAZINE VOLUME 11, ISSUE 03