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Midwest Becomes Affordable Homebuying Destination for Gen Z
5 Aug
Summary
- Midwest cities offer 30% cheaper housing than coastal metros
- 7 out of 10 most accessible metros for young homeowners are in Midwest
- Median home prices in Midwest cities around $200K-$275K, vs $400K nationally
According to a recent analysis, the Midwest is emerging as an attractive homebuying destination for younger generations, particularly Gen Z. With housing costs in major coastal metros like New York City and Los Angeles becoming increasingly unaffordable, the Midwest is offering a more accessible and cost-effective alternative.
In fact, seven out of the 10 most affordable metros for young homeowners are located in the Midwest region. Cities like Minneapolis, St. Louis, Detroit, and Indianapolis are seeing a surge of interest from Gen Z and millennial buyers seeking to build wealth through homeownership without drowning in high overhead costs.
Median home prices in many Midwest cities hover around $200,000 to $275,000, a stark contrast to the national median of over $400,000. This price gap can translate to 30-50% lower monthly housing expenses, even before factoring in lower property taxes and insurance. As remote work becomes more prevalent, the Midwest's relative affordability is proving increasingly appealing to young professionals.
While home prices in the region have been rising, the Midwest remains the most affordable homebuying market in the country. With the cost of living for essentials like groceries, gas, and healthcare better aligned with local wages, the Midwest is no longer just a practical choice, but an aspirational one for a generation redefining success.
