Phoenix is 6th-most popular metro area for Gen Z homebuyers, study finds
PHOENIX — Metro Phoenix is a desired area for most potential homebuyers, including those just entering the home buying market.
A study by Lending Tree, an online lending marketplace, found Phoenix is the 6th-most popular metro area for Gen Z homebuyers.
Members of Gen Z includes those born between 1997 and 2012, some who are starting their career and buying their first home.
The website generated the rankings by looking at the percentage of total purchase mortgage requests from Gen Z borrowers on the platform in 2020, with the higher percentage of requests resulting in a higher ranking.
Gen Z homebuyers represented 7.57% of Phoenix’s mortgage requests on the website, with the average age of potential buyers being 21.5.
The rankings also included the average credit score and down payment of potential Gen Z homebuyers as well as the average amount of loan requested.
Of the top 10 cities in the ranking, Phoenix had the highest down payment ($29,444) and second-highest requested loan amount ($229,338).
The average credit score of Gen Z homebuyers in Phoenix was third-best among the top 10 cities in the study at 664.
Salt Lake City, Utah, is the most popular city for Gen Z homebuyers, according to the study.
The study looked at 50 metro areas across the country and found San Francisco was the least popular spot for Gen Z homebuyers.
It’s not too hard to see why as San Francisco has the highest average down payment ($99,301) as well as the highest loan amount requested ($554,461).