Millennials are the primary home-seeking generation for more than half of the 50 largest US metro areas, and here’s where they might be thinking of purchasing a home.
Minneapolis, Buffalo, NY, and San Jose are the cities where millennials make up the biggest share of purchase requests, according to a recent study by LendingTree. Around 56.2% of purchase requests in Minneapolis came from millennials, followed by Buffalo and San Jose at 56.1% and 55.8%, respectively.
Meanwhile, millennials in Tampa, Fla., Las Vegas, and Miami, are making fewer purchase requests. They made just 40.3% of the purchase requests in Tampa and Las Vegas, and only 43.6% in Miami.
The study also showed that older millennial homebuyers are in San Francisco, San Jose, and Los Angeles. The average age for these three areas was 31.6 years old, almost a year older than the average 30.8 across the rest of the country. Moreover, these buyers face the highest average down payment amount.
The youngest potential millennial buyers (an average of 30.2 years old), on the other hand, are in Buffalo, Detroit, and Minneapolis.
San Jose, San Francisco, and San Diego are the metros where millennial homebuyers had the highest average credit scores, which were nearly 711 combined. By comparison, the average credit score for millennial buyers across the 50 largest metros in the nation was 658.
Millennials in Oklahoma City, Louisville, and Memphis had the lowest average credit scores of 633, 632, 625, respectively.