Gen Z leads in homeownership, especially in the Midwest, outpacing millennials and Gen X

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A recent SmartAsset analysis shows that cities like Indianapolis, St. Louis, and Cincinnati are experiencing a surge in Gen Z homeownership, while California and the Northeast lag behind.Under 25 and making waves, these young buyers are purchasing homes at an impressive rate.In 2023, nearly 28% of 24-year-olds were homeowners, surpassing the rates of millennials and Gen X at that age, according to a January Redfin report. A striking quarter of Gen Z, aged 19 to 26, entered the housing market last year.Indianapolis leads the pack with the highest percentage of Gen Z homeowners among major U.S. metro areas.Although just 1.6% of the local Gen Z population bought homes, it's the highest rate among 40 large cities. These 2,266 young buyers are purchasing homes with a median value of $225,000 and earning a median income of $65,000.St. Louis comes in second, with just under 1.6%, or 2,649, Gen Z homebuyers. There, the median property value is $185,000, and these new homeowners have a median income of around $63,000 annually.Other popular areas include Jacksonville, Virginia Beach, and Kansas City, while cities like Detroit, Cleveland, and Pittsburgh offer homes typically priced below $200,000, with incomes under $65,000.Surprisingly, none of Texas' rapidly growing cities made the top 10 for Gen Z homeownership.Meanwhile, San Francisco, New York City, Los Angeles, and Boston have the lowest rates. In San Francisco, the median home value for Gen Z buyers exceeds $1 million, with only 93 homes purchased by Gen Zers last year.