Some high-cost housing areas are losing population. Yet a surprising number of young adults are moving to expensive regions to claim jobs. That’s especially true for those in the Gen Z cohort, born after 1997 and now entering their home-buying years.

An analysis by Zillow, the national real estate company, indicates that 215,000 California residents moved out of the state in 2022. Yet during the same year, 44,000 Gen Zers moved there from other states.

It’s not just California that’s attracting young people. Many Gen Z movers from all over the country are relocating to areas where housing, whether rental or purchase, is more expensive. These include pricey parts of Colorado, Virginia, Texas and Washington state.

Many of these movers are recent college grads who’ve been recruited for well-paying jobs, says Edward Berchick, a population scientist for Zillow. As a rule, those in this generation are still flexible about their lifestyles. That means they are likely open to either renting or buying a home.

Longtime real estate pros say there are positives as well as negatives related to purchasing a place while you’re still in your 20s.

“For most young adults with salaried positions who are ready to settle down, buying a home is a much better alternative than renting indefinitely. You don’t want to set your course based on some economic forecast that could be all wrong,” says Fred Meyer, a Massachusetts-based real estate appraiser and broker.

Of course, there are some employment situations, such as military positions, that don’t lend themselves to the financial stability that’s important for those weighing the advantages and disadvantages of homeownership.

“You wouldn’t want to take a mortgage for a house that’s based on your current job if you know your boss is mad at you and could fire you soon. Also, you should wait to buy if you’re starting a new business that’s still unproven,” Meyer says.

Here are a few pointers for potential first-time buyers:

-- Do a sober assessment of your job stability.

Victor Hess, a certified financial planner, urges those planning to buy a first home to consider the nature of their employment before making any major decisions.

“Jobs aren’t permanent anymore, so it’s smart to play it safe with all major financial decisions, including buying a house,” Hess says.

“A successful company can always get bought out, resulting in extensive layoffs,” Hess notes.

Nor should government workers become overconfident about keeping their jobs, he says.

“Government jobs -- whether at the local, state or federal level -- are still somewhat more stable than are corporate jobs. However, due to our changing economy, you can expect more job cuts in this sector, too,” Hess says.

If you’re a doctor or lawyer with a specialty that’s in demand, you can almost always get another well-paying position quickly, he says. But those who don’t possess highly coveted skills should take a conservative approach when determining their affordability range.

Hess, who’s both a CPA and a financial planner, generally advises his home-buying clients to spend no more than one-third of their gross household income on mortgage payments. But he allows that this rule of thumb may not apply to those who have set aside the equivalent of at least six months’ worth of income in their savings accounts.

-- Don’t assume that your mortgage lender knows your budget limits.

Many would-be buyers emerge from their lenders’ offices with a big smile. That’s because the lender has preapproved them to borrow more than they’d expected.

But should you rely solely on your lender’s advice when deciding how much you can afford for housing payments? Absolutely not, Hess says.

“Since they work on commissions, mortgage lenders are motivated to push you to the highest borrowing limit they can,” he contends.

-- Seek a neutral advisor for planning help.

Financial planners and tax accountants are generally not in a position to judge your job stability. But many can provide perspective on the potential cash-flow implications of your home-buying plans.

Before you set out to shop for a home, Hess suggests you talk over the matter with an independent financial advisor who charges by the hour.

“I can’t imagine this taking more than two to three hours,” Hess says.

The financial adviser you choose should be able to calculate the tax benefits available to you through your mortgage interest deductions.

“It’s not uncommon for people to overestimate these benefits when they’re buying a home,” he says.

-- Be especially cautious if you’re moving to a new city.

Making a long-distance move to join a new company always comes with a degree of uncertainty. Will you like both the new area and the new job? And will the new employer want to keep you on?

Until some of these questions can be answered, Hess suggests you consider taking a rental unit for a few months rather than buying a home immediately. That way you reduce the risk that you’d have to resell the place quickly and at a possible loss.

“I’m a huge believer that homeownership is the right choice. Usually, renting doesn’t make financial sense. But when you’re relocating for a job and there’s some doubt that your new situation will work out, you may want to wait for six months to a year before buying that fancy house,” he says.

(To contact Ellen James Martin, email her at ellenjamesmartin@gmail.com.)

A Boston-area couple in their early 30s realized how persistence counts when it comes to homebuying in a desirable market. After a year of searching in vain the pair -- an architect married to a marketing specialist -- snagged a fair deal on a 1,200-square-foot duplex that opened onto a fenced yard.

“They were highly motivated to leave their rented apartment and buy a place with outdoor space for their golden retriever. They could have given up, but instead (they) hung in there. That made a world of difference,” says Rich Rosa, the real estate broker representing the couple.

Rosa says many prospective first-time buyers become easily discouraged, especially if they’re targeting a neighborhood where inventory is so scarce that multiple bids remain common. Indeed, the Boston couple were outbid four times before they prevailed with their fifth offer. Had they given up, as many renters do, they would have missed out.

“What’s the moral of this story? You’ve got to play to win,” Rosa says.

Affordability remains a huge challenge for young adults wishing to escape their rental units. But the severe shortage of available homes is a still bigger issue, says Rosa, who heads an independent realty firm.

“In the past, lots of older people sold their big houses and downsized after retirement. But these days that’s much less true. A surprising number of boomers are hanging on. They want the space for family gatherings or for grandkids to stay overnight,” he says.

Of course, there are some neighborhoods where more listings have been popping up in recent months. But for the nation as a whole, inventory is expanding at an exceedingly slow pace, according to economists at Realtor.com, the home listing service.

Though some discouraged renters have abandoned their pursuit of a property, others are looking to the coming spring market when buying conditions could likely improve. Here are a few pointers for hopeful first-time buyers.

-- Find a mortgage lender who will work with you.

Real estate specialists always advise first-time buyers to determine their mortgage borrowing capability before heading out to look at property. That way they won’t get their hearts set on a property that’s unreachable for them.

“Getting a mortgage is very tough for first-time buyers. Especially if you’re self-employed or have imperfect credit, you practically have to walk on water to qualify for a home loan,” says Tom Early, an Ohio-based real estate broker.

He says buyers should make sure a lender takes them through a serious preapproval process.

“What you’re looking for is a lender who will verify your employment, income and assets, plus your credit history,” says Early, a former president of the National Association of Exclusive Buyer Agents (naeba.org).

He encourages first-timers to meet face-to-face with a lender and spend up to an hour at that meeting to ensure all their questions are answered. Soon after this meeting, the lender should issue a “preapproval letter” that spells out their full borrowing capacity.

-- Craft a household budget before touring homes.

Prior to granting you a preapproval letter, your lender will likely ask about your major obligations, like payments on your credit cards and car loans. But chances are the lender won’t ask about your other obligations -- such as a commitment you’ve made to a religious or charitable institution.

“When your lender sets your borrowing limits, he doesn’t see the full picture. That’s why I suggest you do a personal budget before deciding how much to spend on housing,” Early says.

First-time buyers should also take into account the money they’ll need to get their property into move-in condition.

“It doesn’t matter how wonderful a house you buy, the odds are you’ll want to make it more to your tastes,” Early says.

Also, make sure you factor in your carrying costs for homeownership -- such as your energy bills.

“Preapproval helps you define your top limit on financing. But that’s just the beginning. You have to decide for yourself how much you’re comfortable spending. These days, almost all buyers stay under their borrowing ceiling,” Early says.

-- Always consider resale before selecting a home.

No matter how long you intend to live in your first home, Early says it’s smart to choose property that should be easy to sell.

“Think about the back end of your transition. Remember that someday that house will be on the market again,” Early says.

Keeping in mind your budget constraints, what features make a house marketable?

“Nowadays, buyers want multiple bedrooms, for a home office or space to pursue a hobby ... If possible, try to get a house with three or four bedrooms,” Early says.

What other features should you look for?

“Ideally, you’ll want a place with at least two bathrooms, or a minimum of a bath and a half. Also, remember that many buyers are strongly attracted to a large family room with a fireplace,” Early says.

Even more important, you don’t want to trade off the most important feature for resale: a prized neighborhood location. Well-rated schools, prime shopping and good roadway access are all features that help define a popular neighborhood.

“Never compromise on location. Through the years, you’ll be vastly happier owning an asset in a strong neighborhood. Even in economic downturns, property in strong neighborhoods holds its value better,” Early says.

(To contact Ellen James Martin, email her at ellenjamesmartin@gmail.com.)

A doctor in his early 70s has relished the midcentury modern house he’s owned for decades. He loves the gourmet kitchen with its granite countertops, as well as the extensive great room where his art collection is on display. But his most treasured setting is the expansive patio surrounded by elaborate gardens and a koi pond.

Still, the doctor is surprising himself with the decision to relinquish the cherished property where he and his ex-wife raised their two sons.

Why now? The doctor cites two factors prompting him to sell. One is that he has a new relationship in another city that makes him happy. The other is that he believes the four-bedroom abode would be appreciated by younger owners. Hence his plan to downsize.

“Why should I hog all this space when I know full well my place could be put to better use by young owners? Also, I believe I’ll get a better price this year than I would in the future, especially if a recession occurs and prices drop,” the doctor says.

He lives in a coveted neighborhood with a top-rated elementary school. Available homes there are in short supply because many other boomer owners are clinging to the low-rate mortgages they obtained through refinancing during the pandemic. But the doctor is mortgage-free and hopes to put any extra proceeds from his sale into a college fund for his grandkids.

Peter Walsh, an expert on downsizing and the author of “Let It Go,” doesn’t know the doctor in this true story. But he credits him for facing squarely the highly emotional task of leaving a property so full of memories.

“Sorting through a lifetime’s worth of accumulated possessions can be a daunting and stressful process that millions of Americans confront each year,” Walsh says. But he notes that many downsizers experience a feeling of liberation after a shift in living space.

Ashley Richardson, a longtime real estate agent based in the doctor’s area, says it’s imperative that the doctor not only declutter the property but also update his place before it goes on sale. That’s because millennial buyers --born between 1981 and 1996 -- now make up the largest cohort of purchasers. And they’re very visual.

“These buyers are extremely tech-focused. I can’t imagine them taking the time to visit any house that doesn’t show well on the internet,” Richardson says.

The good news is that many key updates are relatively inexpensive.

“Don’t be intimidated by the changes you need because most are quite easy and cosmetically based,” says Richardson, who’s affiliated with the Residential Real Estate Council (crs.com).

Having an updated kitchen is one key to attracting young buyers. But it’s rarely necessary to do a major kitchen remodel to sell well. Still, it could pay you back to have dark wood cabinets repainted in white to brighten this space.

Before sellers decide on presale home improvements, Richardson suggests they ask their agent for a checklist of cost-effective projects. Often some of the least costly improvements, such as painting, can have the biggest impact.

Here are a few pointers for sellers:

-- Seek to remove traditional furniture.

Though it’s unlikely you’ll sell your furnishings along with the house, it’s important to adapt your interior decor to the tastes of younger people -- most of whom favor contemporary furnishings over traditional ones.

“They’re not revolting against tradition. But they don’t want to be reliant on tradition either,” says Jeffrey Levine, an architect who works with both residential and commercial clients and heads his own Washington, D.C.-based firm.

To get a feel for the sort of room layouts that typical young buyers like, Levine suggests you visit the website of IKEA, the Swedish home furniture retailer with a customer base heavily weighted toward young singles and families with school-age children.

At a minimum, you’ll want to remove bulky, old-fashioned pieces, such as large recliners, before your place goes up for sale.

-- Think carefully about your window treatments.

If you’re an older homeowner who’s lived in your domain for a long while, you may still have the window coverings acquired years ago.

But Levine recommends that sellers trying to appeal to young buyers should remove all their heavy draperies. Often, the only rooms that need window coverings are bedrooms and bathrooms and even there, simple shades should suffice for privacy.

Another key step to bright, sparkling rooms is to thoroughly clean your windows, says Sid Davis, a real estate broker and author of “A Survival Guide to Selling a Home.”

-- Refresh your bathroom lighting.

Many older homes still feature Hollywood-style bathroom lighting, with globes set on a chrome bar. But Davis says such fixtures seem dated to many young buyers.

“Look for bathroom lighting with a fresher, more current look. It shouldn’t cost too much to replace bathroom lights,” he says.

As to the look of bathrooms, Richardson advocates replacing the kind of pink tiling still present in many homes built in the 1950s. (Though the retro look of pink bathrooms appeals to some who relish midcentury modern architecture, it’s unlikely your young buyers will share this devotion.)

-- Take away family photos and other memorabilia.

There’s nothing that will date your place faster in the eyes of young buyers than personal photos taken decades ago.

“A fresh start is what people of any age want when they buy a house. They lose the concept of a blank canvas when they see all your memorabilia,” Davis says.

(To contact Ellen James Martin, email her at ellenjamesmartin@gmail.com.)