California (Thechieftainspear) – San Jose has the smallest share of homeowners under 30 in the nation, according to a new report from LendingTree. The study revealed that only 0.8% of residents in this age group hold a mortgage, highlighting the city’s challenging real estate market for young buyers.
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Other major metro areas with low percentages of mortgage holders under 30 include New York City (1.2%) and Los Angeles (1.3%), ranking second and third, respectively. Several other California cities also made the list, with Sacramento (1.6%) in fifth place, San Diego (1.7%) in sixth, and San Francisco (2.0%) in seventh. Nationwide, only 3.1% of young adults are mortgage holders, with Nashville leading the pack at 9.4%.
While LendingTree’s research was based on anonymous credit data and didn’t specify reasons, California’s notoriously high home prices and cost of living likely play a major role. With median home values in the Bay Area well above national averages, affordability remains a significant barrier for younger buyers trying to enter the market.
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