DENVER — New data from Zillow shows the median earner in Denver would need a $44,000 raise to afford a mortgage on a home. It's just the latest statistic that shows how hard it can be to buy a house.
But Gen Z seems to be defying the data. According to a recent report from Redfin, Gen Z is actually outpacing millennials and Gen X when it comes to homeownership, compared to when those other generations were the same age.
Denver7 spoke with Elizabeth Million, with Elevation Credit Union, about how this is possible when homes seem so unaffordable.
"They definitely do their research, which is fantastic," Million said. "The Gen Z segment, they're okay to move or drive as far as it takes to find affordable homes."
So Million said, that might mean buying a home outside the Denver metro area. She also said a lot of Gen Z gets help making a down payment.
Million explained, other buyers could take a page from Gen Z's book.
"They will go out and find any resource they can to learn and so they're really proactive and I think that really helps them understand the market better," Million said.
Million shared a few of those proactive steps with Denver7, including:
- Co-buying a home with a friend or family member to save money
- Talk to a bank or a credit union to understand how much you can afford. In some cases, she said, you don't even have to be a member.
- Check for assistance programs. For example next month, Million said Elevations Credit Union is offering a down payment assistance program. Denver is also launching a pilot program to help
Denver7 is consistently looking for other solutions to the affordable housing crisis. You can read about six steps outlined in a recent report here.
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