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MortgagePoint » Your Trusted Source for Mortgage Banking and Servicing News 78 J O U R N A L May 2023 MortgagePoint » Your Trusted Source for Mortgage Banking and Servicing News 78 J O U R N A L May 2023 payment (assuming a conventional loan). That's compared to $355,000 (with a $30,000 down payment) for 25- to 34-year-olds, and $405,000 ($50,000 down payment) for 45- to 54-year-olds. "Millennials have been financially unlucky. Their parents had a more straight- forward financial journey," said Fairweather. "The oldest millennials entered the work- force during the 2001 recession. Then came the 2008 financial crisis, with many millen- nials in their first post-college job. It limited their earnings, overall wealth, and ability to buy a home for many years afterward. Millennials started to gain homebuying momentum just before the pandemic, but they were once again dealt a bad hand with pandemic-related job losses in April 2020." Overall, 26% of adult Gen Zers own their home. That's compared with 79% of baby boomers, the highest share of any generation, followed by Gen X (71%) and millennials (52%). YOY SINGLE- FAMILY RENT GROWTH COOLED IN FEBRUARY C oreLogic has released its latest Single-Family Rent Index (SFRI), analyzing single-family rent price changes nationwide and across major metro- politan areas. U.S. single-family rent price growth continued its slowdown in February, dropping to 5%, with metro-level trends indicating that renters are perhaps seeking more affordable areas. For example, St. Louis—historically one of the least-expensive 20 rental markets for which CoreLogic publishes data—was at the bottom for gains in February 2022 but topped the index for growth in February 2023. Western metros that posted substantial rent price increases one year ago have seen ap- preciation relax over the past year. In February 2022, Phoenix and Las Vegas ranked in the top five for annual rent price growth, 18.2% and 16.6%, respectively. One year later, those two metros are at the bottom for increases. These rental price trends reflect general housing market dynamics, with CoreLogic's latest Home Price Index showing that highly populated Western metros posted mostly flat price changes year over year in February. "Rental cost growth relaxed again in Feb- ruary but is still increasing nationwide year over year," said Molly Boesel, Principal Econ- omist at CoreLogic. "Less-expensive metros have emerged as those with the highest appreciating rental costs, as tenants contend with elevated rents and inflation. However, while the top U.S. metros for rental cost growth are increasing annually by about 8%, that is well below the rates of 20% to 40% seen one year ago." CoreLogic examines four tiers of rental prices and two proper- ty-type tiers. National single-family rent growth across those tiers, and the year-over- year changes, were as follows: » Lower-priced (75% or less than the regional median): 7.7%, down from 12.7% in February 2022 » Lower-middle priced (75% to 100% of the regional median): 5.9%, down from 13.8% in February 2022 » Higher-middle priced (100% to 125% of the regional median): 5%, down from 13.8% in February 2022 » Higher-priced (125% or more than the regional median): 3.5%, down from 12.8% in February 2022 » Attached versus detached: Attached sin- gle-family rental prices grew by 5.6% year over year in February, compared with the 3.9% increase for detached rentals St. Louis posted the highest year-over- year increase in single-family rents in Febru- ary 2023, at 7.8%. Charlotte, North Carolina, and Orlando, Florida, registered the next highest annual gains, both at 7.7%. Las Vegas and Phoenix saw the lowest annual rent price growth, both at 0.3%.