Millennials are now the largest group of homebuyers in the U.S., ahead of older Gen Xers and baby boomers.
Despite the pandemic delaying some millennials’ homebuying, they are still eagerly buying homes in the hot housing market.
LendingTree analyzed mortgage its own mortgage offers to millennials across the nation’s 50 largest metros in 2021 to learn where they were buying homes. Here’s what we found:
Key findings:
Denver, Seattle, and Boston are the mostpopular cities for millennial homebuyers. In Denver, 63.63% of mortgages were offered to millennials. In Seattle and Boston, the percentages were 61.35% and 61.08%, respectively.
Miami, Jacksonville, and Tampa are the leastpopular cities among millennial homebuyers. Across these three Florida metros, an average of only 46.54% of mortgages were offered to millennials.
Millennial homebuyers are the youngestin Indianapolis, Salt Lake City, and Phoenix (average age of 31.79). They’re oldest in San Francisco, New York and San Jose (average age 33.51 years).
San Jose, San Francisco, and Seattle require millennials to put down the largestdown payments (average $104,896). Down payments are smallest for millennial buyers in St. Louis, Memphis, Tenn., and Oklahoma City (average $30,551).
The takeaway:
“Though they often have less money at their disposal than members of older generations like Gen Xers and baby boomers do, millennials aren’t shying away from home buying. In fact, they make up the largest share of homebuyers in many of the nation’s largest metros. As they continue to get older, get married and start families, the homeownership rate among millennials is likely to rise even further.”
-Jacob Channel, senior economic analyst at LendingTree
Learn more on RISMedia.
Related Links
Homebuyers are rushing to get mortgages before higher rates price them out
This Pandemic Home Trend Couldn’t Survive 2021
If there is a home that you would like more information about, if you are considering selling a property, or if you have questions about the housing market in your neighborhood, please reach out. We’re here to help.
