{"id":77970,"date":"2024-05-20T05:00:22","date_gmt":"2024-05-20T12:00:22","guid":{"rendered":"https:\/\/www.redfin.com\/news\/?p=77970"},"modified":"2024-05-17T11:10:41","modified_gmt":"2024-05-17T18:10:41","slug":"gen-z-millennial-mortgages-2023","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/gen-z-millennial-mortgages-2023\/","title":{"rendered":"Gen Zers and Young Millennials Took Out 40% of U.S. Mortgages in 2023"},"content":{"rendered":"<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><i><span style=\"font-weight: 400;\">2 in 5 new mortgages issued last year went to buyers under 35, and 27% went to buyers aged 35-44.\u00a0<\/span><\/i><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><i><span style=\"font-weight: 400;\">Young people take out the majority of mortgages because they\u2019re of prime homebuying age, gaining financial stability and growing families. Plus, they\u2019re less likely than older people to pay cash.\u00a0<\/span><\/i><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><i><span style=\"font-weight: 400;\">Buyers under 35 took out nearly half of new mortgages issued in Pittsburgh last year, the highest share of any major metro. 35-44 year olds took out roughly 2 in 5 new mortgages issued in the Bay Area, the highest share of any major metro.\u00a0<\/span><\/i><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><i><span style=\"font-weight: 400;\">Home purchases dropped across the board as housing costs rose to record highs, with new mortgages dropping roughly 20% year over year for every age group.\u00a0<\/span><\/i><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">The lion\u2019s share of mortgages went to young people last year. Two in five (39.7%) new mortgages issued in 2023 went to homebuyers under 35, and 26.5% went to buyers aged 35-44. Next came 45-54 year olds, who took out 16.1% of new mortgages, 55-64 year olds (10.8%), and 65-74 year olds (5.4%).\u00a0<\/span><\/p>\n<p><img fetchpriority=\"high\" decoding=\"async\" class=\"alignnone wp-image-77971 size-full\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2024\/05\/mortgages-by-age.png\" alt=\"\" width=\"555\" height=\"439\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2024\/05\/mortgages-by-age.png 555w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2024\/05\/mortgages-by-age-300x237.png 300w\" sizes=\"(max-width: 555px) 100vw, 555px\" \/><\/p>\n<p><span style=\"font-weight: 400;\">This is according to a Redfin analysis of <\/span><span style=\"font-weight: 400;\">Home Mortgage Disclosure Act (HMDA) data covering purchases of primary homes. It does not cover purchases of investment properties or second homes.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The breakdown of homebuyers by age has remained stable over the last five years, with younger Americans as the most common mortgage borrowers. The likelihood of taking out a mortgage declines as people get older.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">There are several reasons why people under 45 are taking out most mortgages:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Gen Zers and millennials are aging into homeownership; the <\/span><a href=\"https:\/\/www.axios.com\/2023\/11\/20\/american-housing-market-older-homeowners-2023\"><span style=\"font-weight: 400;\">median age<\/span><\/a><span style=\"font-weight: 400;\"> of first-time U.S. homebuyers is 35. People tend to be in their late 20s or 30s when they buy their first home because that\u2019s when homeownership becomes financially feasible and desirable: They\u2019ve had time to save for down payments and qualify for mortgages, and they may be growing their families.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Many people view real estate as a safer long-term place to park their money than the stock market or other traditional investments.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Younger buyers are likely to take out loans rather than pay for homes in cash because they haven\u2019t had much time to amass wealth and\/or build equity from the sale of a previous home. Older buyers are more likely to pay in cash.\u00a0<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Additionally, Redfin agents say younger buyers tend to be less fazed than older generations by mortgage rates, which reached a two-decade high of <\/span><a href=\"https:\/\/www.freddiemac.com\/pmms\"><span style=\"font-weight: 400;\">7.8%<\/span><\/a><span style=\"font-weight: 400;\"> last year and in recent months settled back near 7%.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u201cFirst-time buyers aren\u2019t as spooked by high rates as people who are trying to move up to a bigger or better home,\u201d said Antonia Ketabchi, a Redfin Premier agent in Maryland. \u201cHigh costs are still a challenge, but younger people are excited about the fact that they\u2019re looking to buy their first home, and they\u2019re not <\/span><a href=\"https:\/\/www.redfin.com\/news\/mortgage-rate-lock-in-housing-2023\/\"><span style=\"font-weight: 400;\">locked in<\/span><\/a><span style=\"font-weight: 400;\"> by a low mortgage rate because until now they\u2019ve been renting. Plus, they weren\u2019t in the market three years ago when mortgage rates were sitting under 3%, so they don\u2019t have an ultra-low point of comparison.\u201d<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Although Gen Zers and millennials were most likely to buy homes last year, they still have lower overall <\/span><a href=\"https:\/\/www.redfin.com\/news\/homeownership-rate-by-generation-2023\/\"><span style=\"font-weight: 400;\">homeownership rates<\/span><\/a><span style=\"font-weight: 400;\"> than older Americans, which stands to reason because they haven\u2019t had as much time to buy homes. Just over one-quarter (26%) of adult Gen Zers owned their home in 2023, and 55% of millennials owned theirs. That\u2019s compared to a homeownership rate of 72% for Gen Xers, and 79% for baby boomers.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Gen Zers are <\/span><a href=\"https:\/\/www.redfin.com\/news\/homeownership-rate-by-generation-2023\/\"><span style=\"font-weight: 400;\">catching up<\/span><\/a><span style=\"font-weight: 400;\"> to older generations, though: 19-25 year olds have a higher homeownership rate than millennials and Gen Xers when they were the same age.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Adult <\/span><span style=\"font-weight: 400;\">Gen Zers were 18-26 years old in 2023, millennials were 27-42, Gen Xers were 43-58 and baby boomers were 59-77.<\/span><\/p>\n<h3>Some Gen Zers, millennials get financial help from family<\/h3>\n<p><span style=\"font-weight: 400;\">Some young homebuyers got financial help from their parents or other older family members to fund their purchases: 3.3% of homebuyers under 35 had a co-borrower over the age of 55 on their mortgage loan in 2023; for buyers aged 35-44, it was 2.8%.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The share of young buyers getting financial help from their parents is much higher when taking into account cash gifts. More than one-third of Gen Zers and millennials who plan to buy a home soon expect to <\/span><a href=\"https:\/\/www.redfin.com\/news\/gen-z-millennial-down-payment-family-help\/\"><span style=\"font-weight: 400;\">receive a cash gift<\/span><\/a><span style=\"font-weight: 400;\"> from family to help fund their down payment, according to a Redfin-commissioned survey fielded in February 2024.\u00a0<\/span><\/p>\n<h3>Buyers under 35 take out nearly half of all mortgages in some Rust Belt metros<\/h3>\n<p><span style=\"font-weight: 400;\">Gen Z and young millennial homebuyers took up the biggest piece of the mortgage pie in relatively affordable Rust Belt metros in 2023. Nearly half (48%) of new mortgages issued in Pittsburgh went to buyers under 35, the highest share of the 50 most populous U.S. metros. It\u2019s followed by Cincinnati (46.5%), Philadelphia (46.3%), Detroit (46.1%) and Warren, MI (46%).<\/span><\/p>\n<p><span style=\"font-weight: 400;\">On the flip side, buyers under 35 took up the <\/span><i><span style=\"font-weight: 400;\">smallest <\/span><\/i><span style=\"font-weight: 400;\">share of the mortgage pie in popular Florida retirement destinations, where the populations tend to be <\/span><a href=\"https:\/\/censusreporter.org\/profiles\/31400US3310048424-west-palm-beach-boca-raton-boynton-beach-fl-metro-division\/\"><span style=\"font-weight: 400;\">older<\/span><\/a><span style=\"font-weight: 400;\">: 27.8% of new mortgages issued in West Palm Beach last year went to people under 35, the smallest share of the metros in this analysis, followed by Fort Lauderdale (28.8%). Next come Anaheim, CA (31.7%), Orlando, FL (32%) and Las Vegas (32.9%).\u00a0<\/span><\/p>\n<h3>Buyers aged 35-44 take up biggest piece of mortgage pie in Bay Area<\/h3>\n<p><span style=\"font-weight: 400;\">The story is different for older millennials, who took out the biggest share of mortgages in the Bay Area. In San Francisco, 37.8% of new mortgages issued last year went to 35-44 year olds, the biggest share of the metros in this analysis, followed closely by Oakland (37.2%) and San Jose (37.1%). Next come Newark, NJ (34.5%) and Los Angeles (34.5%). One reason older millennials are more likely to take out mortgages in the Bay Area than other parts of the country is because it\u2019s ultra expensive, meaning many people buy their first home in their late thirties and early forties.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Buyers aged 35-44 took out the smallest share of mortgages in Cleveland (23.4%) and Detroit (23.4%). Next come Cincinnati (23.7%), Phoenix (23.8%) and Warren, MI (23.9%). In Detroit, Cincinnati, and Warren, it\u2019s uncommon for 35-44 year olds to take out mortgages because they\u2019ve already purchased homes: As noted above, those are three of the top five metros for mortgage borrowers under 35.<\/span><\/p>\n<h3>Home purchases declined for every generation as housing costs rose to record high<\/h3>\n<p><span style=\"font-weight: 400;\">People of all generations purchased <\/span><a href=\"https:\/\/www.redfin.com\/news\/housing-market-update-2023-fewest-home-sales-since-2008\/\"><span style=\"font-weight: 400;\">far fewer homes<\/span><\/a><span style=\"font-weight: 400;\"> in 2023 than the year before as continually rising home prices and mortgage rates cut into buyers\u2019 budgets; 2023 was the <\/span><a href=\"https:\/\/www.redfin.com\/news\/housing-affordability-at-record-low-2023\/\"><span style=\"font-weight: 400;\">least affordable<\/span><\/a><span style=\"font-weight: 400;\"> year on record. Historically low inventory also limited sales.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The number of mortgages taken out by people under 35 dropped 18% year over year. It fell at a similar rate for all other age groups, declining 22.7% for 35-44 year olds, 21.6% for 45-54 year olds, 20% for 55-64 year olds and 19.6% for 65-74 year olds.\u00a0<\/span><\/p>\n<table>\n<tbody>\n<tr>\n<td colspan=\"6\"><b>Metro-level summary: New mortgages by age, 2023<\/b><\/p>\n<p><i><span style=\"font-weight: 400;\">50 most populous U.S. metros<\/span><\/i><\/td>\n<\/tr>\n<tr>\n<td><b>U.S. metro area<\/b><\/td>\n<td><b>Share of new mortgages issued to homebuyers under 35<\/b><\/td>\n<td><b>Share of new mortgages issued to homebuyers aged 35-44<\/b><\/td>\n<td><b>Share of new mortgages issued to homebuyers aged 45-54<\/b><\/td>\n<td><b>Share of new mortgages issued to homebuyers aged 55-64<\/b><\/td>\n<td><b>Share of new mortgages issued to homebuyers aged 65-74<\/b><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Anaheim, CA<\/span><\/td>\n<td><span style=\"font-weight: 400;\">31.7%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">33.2%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">18.2%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">10.8%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">4.7%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Atlanta, GA<\/span><\/td>\n<td><span style=\"font-weight: 400;\">35.3%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">28.6%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">18.7%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">11.3%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">4.7%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Austin, TX<\/span><\/td>\n<td><span style=\"font-weight: 400;\">42.7%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">30.7%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">14.7%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">7.5%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">3.3%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Baltimore, MD<\/span><\/td>\n<td><span style=\"font-weight: 400;\">39.3%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">29.4%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">16.2%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">9.5%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">4.2%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Boston, MA<\/span><\/td>\n<td><span style=\"font-weight: 400;\">40.3%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">30.8%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">15.1%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">9.0%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">3.7%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Charlotte, NC<\/span><\/td>\n<td><span style=\"font-weight: 400;\">40.0%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">26.8%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">16.6%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">10.3%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">4.8%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Chicago, IL<\/span><\/td>\n<td><span style=\"font-weight: 400;\">42.1%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">28.8%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">15.2%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">8.9%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">3.9%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Cincinnati, OH<\/span><\/td>\n<td><span style=\"font-weight: 400;\">46.5%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">23.7%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">13.9%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">9.3%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">5.0%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Cleveland, OH<\/span><\/td>\n<td><span style=\"font-weight: 400;\">44.1%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">23.4%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">14.6%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">10.8%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">5.6%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Columbus, OH<\/span><\/td>\n<td><span style=\"font-weight: 400;\">43.0%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">26.4%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">14.8%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">9.6%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">4.7%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Dallas, TX<\/span><\/td>\n<td><span style=\"font-weight: 400;\">38.7%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">31.7%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">17.3%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">8.3%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">3.1%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Denver, CO<\/span><\/td>\n<td><span style=\"font-weight: 400;\">43.7%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">28.0%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">15.0%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">8.3%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">3.8%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Detroit, MI<\/span><\/td>\n<td><span style=\"font-weight: 400;\">46.1%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">23.4%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">15.4%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">9.3%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">4.3%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Fort Lauderdale, FL<\/span><\/td>\n<td><span style=\"font-weight: 400;\">28.8%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">28.8%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">20.4%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">14.8%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">5.7%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Fort Worth, TX<\/span><\/td>\n<td><span style=\"font-weight: 400;\">40.4%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">27.8%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">16.9%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">10.0%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">3.8%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Houston, TX<\/span><\/td>\n<td><span style=\"font-weight: 400;\">38.4%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">30.4%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">17.3%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">9.1%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">3.8%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Indianapolis, IN<\/span><\/td>\n<td><span style=\"font-weight: 400;\">42.9%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">24.9%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">15.3%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">10.0%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">5.2%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Jacksonville, FL<\/span><\/td>\n<td><span style=\"font-weight: 400;\">34.8%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">25.8%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">17.4%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">13.3%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">6.6%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Kansas City, MO<\/span><\/td>\n<td><span style=\"font-weight: 400;\">42.5%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">25.9%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">15.3%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">10.1%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">4.8%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Las Vegas, NV<\/span><\/td>\n<td><span style=\"font-weight: 400;\">32.9%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">25.7%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">18.5%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">13.0%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">7.4%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Los Angeles, CA<\/span><\/td>\n<td><span style=\"font-weight: 400;\">33.6%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">34.5%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">18.5%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">8.9%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">3.3%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Miami, FL<\/span><\/td>\n<td><span style=\"font-weight: 400;\">32.9%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">31.6%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">21.4%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">10.9%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">2.4%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Milwaukee, WI<\/span><\/td>\n<td><span style=\"font-weight: 400;\">43.7%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">25.5%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">14.4%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">10.1%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">4.9%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Minneapolis, MN<\/span><\/td>\n<td><span style=\"font-weight: 400;\">45.7%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">26.6%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">13.5%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">8.8%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">4.2%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Montgomery County, PA<\/span><\/td>\n<td><span style=\"font-weight: 400;\">39.2%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">30.2%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">14.8%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">9.5%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">4.8%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Nashville, TN<\/span><\/td>\n<td><span style=\"font-weight: 400;\">41.0%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">26.8%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">16.0%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">10.4%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">4.3%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Nassau County, NY<\/span><\/td>\n<td><span style=\"font-weight: 400;\">37.7%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">31.6%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">16.4%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">9.8%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">3.6%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">New Brunswick, NJ<\/span><\/td>\n<td><span style=\"font-weight: 400;\">35.7%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">28.8%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">15.8%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">12.3%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">5.8%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">New York, NY<\/span><\/td>\n<td><span style=\"font-weight: 400;\">35.9%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">33.7%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">18.0%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">8.7%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">2.9%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Newark, NJ<\/span><\/td>\n<td><span style=\"font-weight: 400;\">36.4%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">34.5%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">16.5%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">8.6%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">3.1%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Oakland, CA<\/span><\/td>\n<td><span style=\"font-weight: 400;\">34.1%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">37.2%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">16.9%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">7.6%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">3.1%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Orlando, FL<\/span><\/td>\n<td><span style=\"font-weight: 400;\">32.0%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">27.8%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">19.3%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">12.7%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">6.3%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Philadelphia, PA<\/span><\/td>\n<td><span style=\"font-weight: 400;\">46.3%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">28.0%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">13.4%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">8.2%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">3.3%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Phoenix, AZ<\/span><\/td>\n<td><span style=\"font-weight: 400;\">36.9%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">23.8%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">17.2%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">12.8%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">6.9%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Pittsburgh, PA<\/span><\/td>\n<td><span style=\"font-weight: 400;\">48.0%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">25.1%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">12.1%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">8.5%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">4.9%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Portland, OR<\/span><\/td>\n<td><span style=\"font-weight: 400;\">36.4%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">30.6%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">16.6%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">9.1%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">5.5%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Providence, RI<\/span><\/td>\n<td><span style=\"font-weight: 400;\">42.0%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">27.2%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">15.2%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">10.5%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">4.2%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Riverside, CA<\/span><\/td>\n<td><span style=\"font-weight: 400;\">35.1%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">28.8%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">17.3%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">11.7%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">5.4%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Sacramento, CA<\/span><\/td>\n<td><span style=\"font-weight: 400;\">34.4%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">30.9%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">17.0%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">10.5%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">5.4%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">San Antonio, TX<\/span><\/td>\n<td><span style=\"font-weight: 400;\">39.4%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">27.9%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">16.6%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">9.9%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">4.8%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">San Diego, CA<\/span><\/td>\n<td><span style=\"font-weight: 400;\">38.0%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">31.8%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">15.8%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">9.0%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">4.0%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">San Francisco, CA<\/span><\/td>\n<td><span style=\"font-weight: 400;\">35.9%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">37.8%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">16.4%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">7.1%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">2.1%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">San Jose, CA<\/span><\/td>\n<td><span style=\"font-weight: 400;\">38.6%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">37.1%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">16.1%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">5.9%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">1.6%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Seattle, WA<\/span><\/td>\n<td><span style=\"font-weight: 400;\">42.7%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">32.0%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">14.6%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">6.9%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">2.9%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">St. Louis, MO<\/span><\/td>\n<td><span style=\"font-weight: 400;\">43.3%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">25.2%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">14.4%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">10.2%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">5.5%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Tampa, FL<\/span><\/td>\n<td><span style=\"font-weight: 400;\">33.3%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">26.4%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">18.9%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">13.3%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">6.1%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Virginia Beach, VA<\/span><\/td>\n<td><span style=\"font-weight: 400;\">43.0%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">26.2%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">14.4%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">10.2%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">4.8%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Warren, MI<\/span><\/td>\n<td><span style=\"font-weight: 400;\">46.0%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">23.9%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">14.4%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">9.6%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">4.7%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Washington, DC<\/span><\/td>\n<td><span style=\"font-weight: 400;\">35.9%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">32.4%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">17.8%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">8.9%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">3.7%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">West Palm Beach, FL<\/span><\/td>\n<td><span style=\"font-weight: 400;\">27.8%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">26.2%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">18.9%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">16.5%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">7.5%<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n","protected":false},"excerpt":{"rendered":"<p>2 in 5 new mortgages issued last year went to buyers under 35, and 27% went to buyers aged 35-44.\u00a0 Young people take out the majority of mortgages because they\u2019re of prime homebuying age, gaining financial stability and growing families. Plus, they\u2019re less likely than older people to pay cash.\u00a0 Buyers under 35 took out [&hellip;]<\/p>\n","protected":false},"author":13153,"featured_media":77972,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"default","adv-header-id-meta":"","stick-header-meta":"default","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"set","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[8],"tags":[97,623],"coauthors":[124],"class_list":["post-77970","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-housing-market-news","tag-millennial","tag-national"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v24.7 (Yoast SEO v27.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Gen Zers and Young Millennials Took Out 40% of U.S. Mortgages in 2023<\/title>\n<meta name=\"description\" content=\"Young people take out the lion&#039;s share of mortgages because they\u2019re of prime homebuying age, gaining financial stability and growing families. 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