LendingTree study finds out
Where are millennials buying homes right now? This is something LendingTree has investigated using mortgage requests on its site for the first 11 months of 2018.
It found that almost 1 in 4 mortgage requests nationwide were from millennials with those in Salt Lake City (51% of total purchase requests), Minneapolis and Pittsburgh (48% each) were more likely to be pursuing homeownership than any of the nation's other 50 largest metropolitan areas.
Tampa, Las Vegas, and Miami had the smallest share of purchase mortgage requests from under 35s, at around a third of total requests.
San Francisco, San Jose, Calif. and New York are where millennials wait the longest to buy homes with an average age of 29.6 years old. This compares with an average of 28.7 years old across the remaining 47 largest metros in the US.
San Jose, Calif., San Francisco and New York are the places where millennials had the highest average credit scores (704 or more) while the average credit score for millennial homebuyers across the 50 largest MSAs in the country was 656.
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50 Largest Metros Ranked by Millennial Homebuying Popularity |
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|
Rank |
Metro |
Population 2017 |
% of purchase requests from (<35) |
Average age of buyers (<35) |
|
1 |
Salt Lake City |
1,203,105 |
51% |
28 |
|
2 |
Minneapolis |
3,600,618 |
48% |
28.5 |
|
3 |
Pittsburgh |
2,333,367 |
48% |
28.4 |
|
4 |
Buffalo, N.Y. |
1,136,856 |
46% |
28.4 |
|
5 |
Denver |
2,888,227 |
45% |
28.9 |
|
6 |
St. Louis |
2,807,338 |
45% |
28.5 |
|
7 |
Kansas City, Mo. |
2,128,912 |
45% |
28.5 |
|
8 |
Columbus, Ohio |
2,078,725 |
44% |
28.4 |
|
9 |
Rochester, N.Y. |
1,077,948 |
44% |
28.4 |
|
10 |
Cincinnati |
2,179,082 |
43% |
28.2 |
|
11 |
Milwaukee |
1,576,236 |
43% |
28.7 |
|
12 |
Indianapolis |
2,028,614 |
43% |
28.2 |
|
13 |
Detroit |
4,313,002 |
43% |
28.3 |
|
14 |
Cleveland |
2,058,844 |
43% |
28.4 |
|
15 |
San Jose, Calif. |
1,998,463 |
43% |
29.6 |
|
16 |
Seattle |
3,867,046 |
43% |
29 |
|
17 |
Boston |
4,836,531 |
42% |
29 |
|
18 |
Hartford, Conn. |
1,210,259 |
42% |
28.7 |
|
19 |
Oklahoma City |
1,383,737 |
42% |
28.2 |
|
20 |
Providence, R.I. |
1,621,122 |
42% |
28.7 |
|
21 |
Nashville, Tenn. |
1,903,045 |
42% |
28.4 |
|
22 |
Philadelphia |
6,096,120 |
42% |
28.9 |
|
23 |
Chicago |
9,533,040 |
42% |
28.9 |
|
24 |
Louisville, Ky. |
1,293,953 |
41% |
28.2 |
|
25 |
Birmingham, Ala. |
1,149,807 |
40% |
28.4 |
|
26 |
Washington |
6,216,589 |
40% |
29.2 |
|
27 |
Richmond, Va. |
1,294,204 |
40% |
28.8 |
|
28 |
Baltimore |
2,808,175 |
40% |
29 |
|
29 |
Houston |
6,892,427 |
39% |
28.8 |
|
30 |
Austin, Texas |
2,115,827 |
39% |
28.9 |
|
31 |
Dallas |
7,399,662 |
39% |
28.8 |
|
32 |
San Francisco |
4,727,357 |
39% |
29.8 |
|
33 |
New Orleans |
1,275,762 |
39% |
28.8 |
|
34 |
Virginia Beach, Va. |
1,725,246 |
38% |
28.6 |
|
35 |
Charlotte, N.C. |
2,525,305 |
38% |
28.7 |
|
36 |
Portland, Ore. |
2,453,168 |
38% |
28.7 |
|
37 |
Raleigh, N.C. |
1,335,079 |
38% |
28.8 |
|
38 |
Phoenix |
4,737,270 |
37% |
28.4 |
|
39 |
Memphis, Tenn. |
1,348,260 |
37% |
28.9 |
|
40 |
Los Angeles |
13,353,907 |
37% |
29.3 |
|
41 |
Atlanta |
5,884,736 |
37% |
28.9 |
|
42 |
Riverside, Calif. |
4,580,670 |
37% |
28.9 |
|
43 |
New York |
20,320,876 |
37% |
29.4 |
|
44 |
Jacksonville, Fla. |
1,504,980 |
36% |
28.7 |
|
45 |
Sacramento, Calif. |
2,324,884 |
35% |
29.1 |
|
46 |
San Diego |
3,337,685 |
35% |
29.2 |
|
47 |
Orlando, Fla. |
2,509,831 |
34% |
28.7 |
|
48 |
Miami |
6,158,824 |
32% |
29.1 |
|
49 |
Las Vegas |
2,204,079 |
31% |
28.8 |
|
50 |
Tampa, Fla. |
3,091,399 |
30% |
28.7 |
