The American Dream of homeownership feels increasingly out of reach for many. This is particularly true for Gen Z, who grew up facing a global pandemic, two-decade-high mortgage rates, skyrocketing inflation, and an overall challenging economy.
To find out where Gen Z has a fighting chance at homeownership, the site Point2Homes ranked the country’s 100 largest cities based on 7 relevant metrics, and here’s what we found for North Carolina:
- Durham ranks 7th of all 100 largest cities analyzed where homeownership is more attainable for Gen Z. The city also boasts the lowest youth unemployment rate, on top of having one of the highest household incomes for those under 25;
- In Charlotte and Raleigh, aspiring young buyers face home prices that are 8 to 9 times their median incomes; Homes here sell fast, usually spending just over 1 month on the market. On the upside, not that many go above asking price;
- Winston-Salem and Greensboro display more reasonable home prices compared to other major cities (less than $300k). They also have some of the highest young homeownership rates among major NC cities: More than 12% and nearly 14% of Gen Z householders own their homes.
You can explore the complete data set and report here.
