LEXINGTON, Ky. (WKYT) - Lexington sits among the most difficult cities in the country for young adults to become homeowners, according to a new study published by the New York Times.
The study was done by Point2 and ranks Lexington as the third most difficult city in the US for Gen Z to buy a home. Locals’ response?
“I’m not surprised,” said Cordell Jones.
“I wasn’t at all surprised when I saw those results,” said UK Professor David Blackwell.
Blackwell teaches a real estate finance course at UK’s Gatton College of Business and Economics and sees several factors contributing to this issue.
“The median income in Kentucky for Gen Z is a little over $30,000,” Blackwell said.
The study says nearly 13 percent of Lexingtonians in that age range are unemployed, and Blackwell says the rest are facing below-average salaries, higher home prices and high mortgage rates.
“I locked in at 6.75%,” Jones said. “You do the math; my mortgage is about $2,000 a month.”
After looking at 75 different homes, 27-year-old Cordell Jones closed on one in 2022.
“Moved out of Atlanta to get out of its housing situation, and up here, it’s worse,” said Jones.
So how does he do it?
“I work myself to death,” Jones said with a chuckle.
On top of having four different jobs, Jones rents out space in his home to multiple roommates and he does his own work to keep improving the house.
“All the painting you see with the house, I did that myself,” said Jones. “Replacing all the windows, I did that myself.”
He takes pride in his hard work, but the expenses are more than he ever imagined.
“Literally every week is a $1,000 trip to Home Depot, it feels like,” Jones said.
So, Professor Blackwell says if you’re determined to make Lexington home like Jones, you should start planning now.
“Get control of your budget, and be patient, and save as much money as you can so that you are ready for that purchase,” said Blackwell.
Blackwell adds that it’s important to eliminate any high-cost debts, like student loans or credit card payments. He says it will make your financial condition look much stronger when you apply for a mortgage loan.
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