Redfin report shows Gen Z buying homes younger than millennials or Gen X

By Rachel Wingrat | Denver7

DENVER — New data from Zillow shows the median earner in Denver would need a $44,000 raise to afford a mortgage on a home. It’s just the latest statistic that shows how hard it can be to buy a house.

But Gen Z seems to be defying the data. According to a recent report from Redfin, Gen Z is actually outpacing millennials and Gen X when it comes to homeownership, compared to when those other generations were the same age.

Denver7 spoke with Elizabeth Million, with Elevation Credit Union, about how this is possible when homes seem so unaffordable.

“They definitely do their research, which is fantastic,” Million said. “The Gen Z segment, they’re okay to move or drive as far as it takes to find affordable homes.”

So Million said, that might mean buying a home outside the Denver metro area. She also said a lot of Gen Z gets help making a down payment.

Million explained, other buyers could take a page from Gen Z’s book.

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