Skip to main content

Younger Homebuyers Heading To The Country’s Midsection

Apr 05, 2022
Young Homebuyers
Staff Writer

Homebuyers 30 and younger can't afford California and Florida

Younger buyers, those 30 years old and younger, are more likely to purchase homes in parts of the West and the Midwest but not in the country’s coastal areas because they’re more expensive, reports CoreLogic, which analyzes consumer trends.

This year, homebuyers 30 years old and younger make up less than 20 percent of all homebuyers, down from 22 percent two years ago, says CoreLogic Economist Archana Pradhan.

“Since 2021, record-breaking home price growth has created affordability challenges, especially for homebuyers,” she said.

Markets that have seen large groups of 30 and younger homebuyers include Provo, Utah, (37%), followed by Ogden, Utah, (35%), with Grand Rapids, Mich., and Des Moines, Iowa, both at 34% of all homebuyers 30 years old and younger.

“There is a positive relationship between the share of young homebuyers and the affordability index, meaning there is a larger proportion of younger people purchasing in more affordable markets,” Pradhan said.

Florida and California saw the lowest percentage of homebuyers 30 years old and younger. The markets with lowest homebuyers 30 and younger include North Point, Fla., Oxnard, Calif., Miami and Los Angeles, Pradhan said.

About the author
Staff Writer
Doug Page was a staff writer at NMP.
Apr 05, 2022
Mortgage Rates Continue To Move Down

The 30-year FRM averaged 6.95% as of June 13, 2024, down from last week when it averaged 6.99%.

Jun 13, 2024
Buyers Turn To New Construction As Inventory Lags

May's mortgage applications for new home purchases increased 13.8% from last year.

Jun 13, 2024
California, New Jersey, Illinois Deemed Most At-Risk Markets

Those three states had 34 of the 50 counties around the U.S. considered most vulnerable to declines.

Jun 13, 2024
Home Prices Hit A Record High But Relief Expected Soon

Median sale price reaches $394,000; new inflation is data promising, Redfin analysts say

Jun 13, 2024
Fed Projects A Single Rate Cut As Inflation Eases In May

“We welcome today’s reading and hope for more like that,” Fed Chair Powell said at the close of Wednesday's FOMC meeting.

Jun 12, 2024
Home Sellers Return While Buyers Withdraw, Inventory Surges

Zillow reports 80% of recent sellers were influenced by life events, not rates or financial conditions.

Jun 12, 2024