Gen Z and younger millennials took out 40 percent of the mortgages in the U.S. last year, according to a new report from Redfin. But Las Vegas is bucking the national trend with one of the lowest mortgage buy rates for people under 35.
Buyers under 35 in the Las Vegas Valley only accounted for 32.9 percent of the mortgages taken out in 2023, the fifth lowest rate among U.S. cities behind West Palm Beach, Florida (27.8 percent), which lead the country.
Bryan Cornejo, a Las Vegas real estate agent with Realty One Group who is a Gen Zer, said he has a few theories as to why his generation hasn’t broken into the housing market locally compared with other cities.
“Right now on my end in terms of my clients, it’s a lot of boomer and millennial buyers,” he said. “Gen Z, not so much, which is odd because I am Gen Z and a lot of my friends are getting to that age, they’re getting out of college, getting jobs and probably could be looking for a house, but a lot of Gen Z seem more inclined to go the rental route right now and taking a wait and see approach."
This originally appeared Las Vegas Review Journal, read the full article here!