Where are millennials shopping for homes?

by Anna Sobrevinas16 Mar 2017
Millennials in Pittsburgh, Washington D.C. and Des Moines, Iowa, are more likely to pursue homeownership than young people in other cities, according to LendingTree.

Millennials in Pittsburgh topped the list, with 48.4% of all purchase requests coming from younger buyers. The average loan amount sought by Pittsburgh millennials was $201,921. D.C. came in second with millennials making 46.8% of all purchase requests and an average loan amount of $381,110. Des Moines came in third, with millennials making 46.4% of all purchase requests and an average loan amount of $173,439.

“Thanks to a stronger job market and overall economy, the 35-and-under crowd is growing up,” said Doug Lebda, CEO of LendingTree.  “Although millennials have been slow to the real estate market, the appeal of homeownership remains strong, and we’re beginning to see more activity with this generation. Rising home prices and high student loan debt are still affecting the purchase power of millennials, but as more student debt is repaid and the jobs market improves, we’re likely going to see more young buyers in this spring home buying season than in previous years.”

San Francisco ranked ninth with, 44.3% of home loan requests from young homebuyers and with the highest average mortgage loan of $528,761.

Millennials in Toledo, Akron, Lakewood and Dayton, Ohio, have the lowest average mortgage requests.
Here are the top 10 cities for millennial homebuyers:
 

Rank

City

Millennial % of Total Requests

Millennial Average Mortgage Amount

1

Pittsburgh, PA

48.4%

$201,921.20

2

Washington, D.C.

46.8%

$381,109.72

3

Des Moines, IA

46.4%

$173,439.39

4

Boston, MA

45.8%

$410,504.06

5

Saint Louis, MO

44.8%

$189,499.26

6

Minneapolis, MN

44.7%

$226,158.13

7

Cincinnati, OH

44.6%

$173,904.70

8

Chicago, IL

44.4%

$273,375.89

9

San Francisco, CA

44.3%

$528,760.74

10

Omaha, NE

44.3%

$192,215.45



Related stories:
Gen-X purchases highest since 2014
Millennials and home affordability
 

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