No bull? Durham makes New York Times top-10 easiest place for Gen Z to become homeowners
Are you part of Gen Z and looking to buy your first home? You may want to consider the Bull City.
The New York Times released a list by Point2 on the most affordable cities for Gen Z to buy a home in.
According to that list, Durham made the top 10.
Durham came in as the seventh-easiest place for Gen Z to become homeowners, edging out Fort Worth, Texas, Aurora, Colorado and Scottsdale, Arizona.
Grace Jones, a real estate broker who specializes in Durham, says she’s seeing younger buyers team up with friends to make homeownership a reality, highlighting Durham’s affordability and attainability in comparison to homes in Wake County.
“Some of them are getting roommates, so it’s an investment property, and they live in it at the same time. They turn around and sell it, and they’ve made a good investment,” Jones said.
Kyle Parker and his girlfriend said they dream of making a home in Durham, thanks to an abundance of restaurants and stores to explore.
“I want to move out of my parent’s house and have my own place to myself,” the Roxboro native said. “Possibly out here.”
Both he and his girlfriend qualify as Gen Z-ers, or people under the age of 25. While he wants to own a home, he says homeownership is talk about achieving than actually doing it.
“If you don’t have some kind of path with your parents or set up, it’s almost impossible,” Parker said.
While the New York Times story factors in price-to-income ratio and inventory, some real estate experts say the story doesn’t tell the whole picture.
“The data only tells one part of the story,” Stephanie Watkins-Cruz with the NC Housing Coalition said.
Watkins-Cruz said there are challenges for younger people wanting to enter the housing market.
“There are so many things that have to happen for someone without generational wealth and equity quickly at their disposal,” she explained.
Experts go on to say first-time homebuyer programs are a helpful resource to help with down payment assistance.
The New York Times study looked at 100 major cities. Raleigh finished in 43rd, while Charlotte finished in 27th.
