Get ready: Gen Z is coming for the housing market
by LendingTree, which looked at Gen Zers who were born in 1997 or later and who used LendingTree's platform, found that these Gen Zers accounted for an average of 10% of homebuyers in the 50 largest US metros in 2021, up from nearly 6% in 2020.
Cayetano parlayed that initial purchase into partial or full ownership of 36 units in Ohio and Georgia, including a small apartment building, a couple of duplexes, and single-family homes. She and her business partners have financed most of their purchases by raising debt from individual investors and hard-money lenders.
Companies like Mynd and Roofstock cater to large institutional investors and the smallest buyers, enabling both groups to buy homes remotely and manage them as rentals without ever even stepping through the front door. Investors in high-priced markets like San Francisco, New York, or Seattle are now able to pour their money into cheaper areas with fast-growing populations, like the Sun Belt region in the southern and western US.
Members of Gen Z are becoming the next generation of landlords with tools that let them own and manage homes hundreds of miles away.Ryan Lehman, a 25-year-old software engineer in Seattle, bought his first home there in October 2020, shortly after graduating from college. He used savings from internships, earnings from years of trading stocks, and the signing bonus from his job to cover the 5% down payment on the five-bedroom house, which he purchased for $620,000.
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