Fresno is easiest city in California for Gen Z to buy a home, study says. It’s still not easy
Fresno gives Generation Z a better chance at homeownership than any other California city, a recent report shows.
Not a single big city in California makes it easy — but it’s at least more attainable in the Central Valley.
A report published by Point2, an online real estate marketplace, determined the places where Gen Z — defined as adults under 25 years old — has the best and worst chances of buying a home. The study ranked 100 big cities in the United States based on earnings, employment data, and examining housing markets.
Here’s how Point2 ranked Fresno based on how difficult it would be for Gen Z to own a home:
How difficult is it for Gen Z to buy a home in Fresno?
In Fresno, the median sales price for a single-family home averages $397,000, according to the most recent home sales and price report from the California Association of Realtors.
While the report did not rank Fresno among the “best” U.S. Cities where Gen Z stands a chance of owning a home, Fresno was ranked the No. 1 city in California.
“Although not ideal, homes in Fresno, Stockton, and Chula Vista go for almost 9 times the equivalent of what Gen Z members make, on average,” the study states.
On a scale of one to 100, Point2 scored cities on how easy it is for Gen Z to own a home based on home price to income ratio, home price change, inventory, homes sold over price, amount of days homes are on the market, and Gen Z’s homeownership and unemployment rate. Fresno received a score of about 57.
Out of 100 big U.S. cities, Fresno ranked No. 46 nationwide.
Here are Zillow’s home value estimates by ZIP code across the Fresno region:
How difficult is it for Gen Z to own a home in California?
The median sales price for a single-family home in California averages $819,740.
Out of 100 big cities in the United States, seven of California’s cities topped the list for the “most difficult” places for Gen Z to own a home.
According to the study, here are the 10 U.S. cities that make homeownership the most difficult for Gen Z and their scores:
Fremont, California - 11.6
San Diego, California - 21
Lexington, Kentucky - 23.9
San Jose, California - 24
Riverside, California - 24
Los Angeles, California - 25.5
Sacramento, California - 25.7
Chula Vista, California - 26.7
Richmond, Virginia - 27.2
Newark, New Jersey - 27.3
“All of these cities display low homeownership rates among Gen Z, higher unemployment rates among the younger demographic, limited housing inventory, and growing sale prices,” the study states.
While none of California’s cities were listed as “easier” places for Gen Z to afford a home, the California Association of Realtors calculated these five counties with the cheapest home prices in California last month:
Lassen County
Trinity County
Tehama County
Lake County
Siskiyou County
Where in the U.S. can Gen Z afford to own a home?
According to the study, Las Vegas, Nevada, and Chesapeake, Virginia, lead the cities with the highest amount of young homeowners among the country’s major cities. About one out of three Gen Z members residing in these cities own their home.
Gen Z “stands a better chance” at owning a home in the South and Midwest due to lower unemployment rates among Gen Z, home price-to-income ratios and the number of days a house is on the market, the study states.
Here are the 10 U.S. cities make it easier for Gen Z to own a home, including their scores, the study says:
Fort Wayne, Indiana - 84.2
Corpus Christi, Texas - 80.6
Detroit, Michigan - 80.5
Laredo, Texas - 78.7
Memphis, Tennessee - 77
Lincoln, Nebraska - 75.2
Durham, North Carolina - 73.5
Fort Worth, Texas - 73.1
Aurora, Colorado - 72.8
Scottsdale, Arizona - 72.5
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