Young and flush with cash? California is calling. <\/p>\n
A new report reveals which cities around the country have the highest percentage of buyers under the age of 35 \u2014\u00a0and four Golden State cities featured prominently on the list. <\/p>\n
And while the West Coast lagged significantly on the WalletHub<\/a> list, behind other more affordable areas of the US, a surprising 84 percent of mortgage holders in expensive San Diego<\/a> are under 35, according to the data.<\/p>\n California wealth capitals like San Jose (pictured) had a strong showing on the list, which only featured a handful of West Coast cities. Uladzik Kryhin \u2013 stock.adobe.com<\/p>\n America\u2019s Finest City even managed to beat out tech-flush San Jose, where the number of junior buyers hit 82 percent. <\/p>\n In Los Angeles, the number is 78 percent \u2014\u00a0and in San Francisco, just 73 percent of buyers are 35 and under. <\/p>\n Other West Coast outposts had higher percentages, with Seattle at 87 percent and Portland at 86 percent.<\/p>\n Nationwide, the city with the most homeowners under 35 is Charlotte, North Carolina \u2014\u00a0where the number hit 90 percent. Baltimore and Washington D.C. followed closely, with 88 percent and 86 percent, respectively. <\/p>\n Notoriously-difficult NYC ranked way toward the bottom of the list with just 66% of mortgage holders under 35, while Detroit, Michigan came in dead last, with 45 percent.<\/p>\n Even Los Angeles managed to make the grade \u2014\u00a0with 78 percent of mortgage-holders under the age of 35. Getty Images<\/p>\n An August\u00a0study from the Public Policy Institute of California<\/a> revealed that many Californians are now waiting until well into their 40s to buy homes.<\/p>\n The analysis found that half of young adults in the Golden State are waiting until the age of 47 to make the leap. <\/p>\n That\u2019s way higher than the rest of the country \u2014\u00a0the national average is 37. <\/p>\n Renters in their 30s and most of their 40s outnumber homeowners now \u2014\u00a0a number that\u2019s been steadily rising over the past 15 years, according to the analysis.<\/p>\n As Golden Staters wait longer and longer to stake their claim, they\u2019re left paying their mortgages well into retirement age. <\/p>\n \u201cA milestone that once arrived for half of Californians by age 39 now occurs at age 47 \u2014 compressing the years in which owners can build equity before retirement,\u201d the analysis reads.<\/p>\n \u201cThe rising age of homeownership carries tangible consequences for retirement security and wealth building, and goes to the heart of the state\u2019s affordability crisis.\u201d<\/p>\n California\u2019s 56% homeownership rate is much lower than the rest of the country, which stands at 66%. <\/p>\n Only New York has a lower homeownership rate at 54%.<\/p>\n Of the four cities in California on the national list, San Francisco came in lowest, at 73 percent of buyers. Getty Images\/Westend61<\/p>\n Download The California Post App, follow us on social, and subscribe to our newsletters <\/p>\n California Post News: Facebook<\/a>, Instagram<\/a>, TikTok<\/a>, X<\/a>, YouTube<\/a>, WhatsApp<\/a>, LinkedIn<\/a> The study also found that white and Asian Californians tend to own homes much earlier than Black and Latino Californians \u2014\u00a0and that college graduates far outpaced those without degrees.<\/p>\n American-born Asian homeowners purchased homes at the youngest age on average, with the majority owning homes by age 39.<\/p>\n A recent list of the cheapest places to buy real estate in California <\/a>named Porterville as your best bet \u2014\u00a0with a median house price of $325k, according to Realtor.com. <\/p>\n \t\t\t\t\t\t
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