Gen Z homebuyers represent 13% of U.S. home purchases in 2024, showing a preference for affordable homes in the Midwest. However, rising home insurance costs linked to severe weather patterns pose a significant financial challenge. First-time buyers cannot tap into previous home equity and rely heavily on financing, which makes home insurance essential. With escalating climate risks like tornadoes and severe storms, insurance rates are rising, potentially turning homeownership into a long-term financial burden for Gen Z buyers. Home insurance costs have surged by 24%, outpacing inflation and leading to increased financial strains for homeowners.
Gen Z buyers are defying expectations by making up 13% of all U.S. home purchases in 2024, with a notable preference for more affordable Midwestern cities.
The frequency and costs of disasters are on the rise in Midwestern states like Ohio and Illinois, resulting in higher insurance rates, potentially burdening Gen Z buyers with unexpected financial strains.
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