Boise ranked among top spots for Gen Z homeowners. How much did population grow?
Have you been thinking about putting roots down in the City of Trees?
According to apartment search platform RentCafe, Boise has one of the highest concentrations of Generation Z homeowners in the nation.
“While most young adults still rent, the number of homebuyers in their 20s is rising at a faster pace,” RentCafe senior real estate writer Alexandra Both wrote in a March 9 article, noting that 17% of Gen Zers own homes.
RentCafe analyzed nearly 100 metropolitan areas in the United States to highlight the locations with the biggest housing gains.
Here’s how Boise did in the study:
How many Gen Z homeowners live in Boise?
According to RentCafe, Boise was among the top 20 metro areas in the nation with the largest share of homeowners born between 1997 and 2012 — ranking at No. 18.
Gen Zers accounted for about 22% of homeowners in Idaho’s capital city, according to the study.
“Boise works well for young adults who want a stable job market, a strong outdoor-and-family lifestyle and still-manageable, though no longer cheap, home prices with room for long-term equity growth,” Both told the Idaho Statesman in an email.
“Easy access” to outdoor activities in the City of Trees is also “a huge draw for wellness-oriented Gen Zers,” she added.
Is Gen Z home buying on the rise in Boise?
Boise saw significant growth in recent years in terms of younger property owners, according to RentCafe.
The number of Gen Z homeowners in the City of Trees increased from 1,131 in 2018 to 4,393 in 2023, the RentCafe study found.
That means Boise gained more than 3,200 homeowning Zoomers in just five years.
“Boise’s popularity really took off in the early 2010s and was further boosted by the (coronavirus) pandemic and remote work policies,” Both told the Statesman. “An emerging tech sector, affordability and an outdoorsy lifestyle drove its growth and continue to make it attractive for Gen Z.”
The RentCafe research analyst noted that Gen Z income tripled from 2021 to 2023, enabling “a shorter road to homeownership for young adults.”
How much does housing cost in Boise?
Although home prices are on the rise in Boise, the city is still “more affordable than other major urban and tech hubs,” Both told the Statesman.
As of Tuesday, March 31, the average Boise home was valued at $494,696, according to real estate website Zillow.
In comparison, homes in Olympia were valued at $527,202 on average, Zillow said.
How do Boise home values compare to other Western cities?
According to Zillow, the average home in Portland, Oregon was valued at $524,251, while Seattle home values were averaging $848,869.
The average Salt Lake City home was valued at $565,484, Zillow said.
According to RentCafe, the metro area with the highest concentration of Gen Z homeowners was Ogden, Utah.
As of Tuesday, the average home in the Utah city was valued at $395,392, according to Zillow.
Average home values in other U.S. metro areas with high shares of Zoomer homeowners ranged from $74,828 to $639,786.
What are the top 10 metro areas for Gen Z homeowners?
According to RentCafe, these were the top 10 U.S. cities with the highest concentrations of Gen Z homeowners:
- 1. Ogden, Utah
- 2. Detroit
- 3. Birmingham, Alabama
- 4. Jackson, Mississippi
- 5. Greenville, South Carolina
- 6. Wichita, Kansas
- 7. Louisville, Kentucky
- 8. St. Louis
- 9. Omaha, Nebraska
- 10. Winston-Salem, North Carolina
Tips for first-time homebuyers
It’s more budget friendly to rent in Boise than it is to buy a home, according to previous Idaho Statesman reporting.
RentCafe reports that the average monthly rent in the City of Trees is $1,674.
Idaho lawmakers are aware of high housing costs and are working to get legislative relief for first-time homebuyers.
To help alleviate the stress of home purchases and mortgage payments, the city of Boise offers a homeownership assistance program.
City residents who make 50% to 80% of the area median income are eligible additional financial support for down payments or closing costs, the city said, and the program is not strictly limited to first-time homeowners.
Homebuyers can get up to $45,000 in financial aid.
If you’re looking to buy a home, personal finance platform NerdWallet recommends budgeting accordingly to what you can afford, getting an experienced Realtor and getting your credit score in good standing.
Here are more homebuying tips from NerdWallet:
- Calculate what your budget is or should be
- Start saving as soon as you know you want to buy
- Sign up for home buyer assistance in Boise
- Learn about mortgage offers and what’s best for your situation
- Get your loan preapproval before you start shopping
- Be strict with your budget
- Get the house inspected properly before closing on a deal
- Don’t purchase before negotiating
- Invest in home insurance
How did RentCafe rank top cities for Gen Z homeowners?
To determine the top cities for Generation Z homeowners, RentCafe compared 97 metro areas across the United States where there were 15,000 or more Gen Z households in 2023, Maurie Iriam, a RentCafe communications specialist told the Statesman in an email.
Iriam added that RentCafe used Gen Z income growth, homeowner and renter data from Integrated Public Use Microdata Series.
