Online loan marketplace Lending Tree released its new study on the most popular cities for millennial homebuyers.
To determine where millennials are buying homes, LendingTree analyzed new purchase mortgage requests made on LendingTree.com between Jan. 1, 2018 and Nov. 25, 2018. The study revealed that nearly one-fourth of all mortgage purchase requests in this period came from millennials, and millennials in Salt Lake City, Minneapolis and Pittsburgh were more likely to be pursuing homeownership than any of the nation's other 50 largest metropolitan areas.
Salt Lake City
Share of Purchase Mortgage Requests Coming from Millennials: 51%
Average Requested Loan Amount: $234,391
Minneapolis
Share of Purchase Mortgage Requests Coming from Millennials: 48%
Average Requested Loan Amount: $200,930
Pittsburgh
Share of Purchase Mortgage Requests Coming from Millennials: 48%
Average Requested Loan Amount: $128,316
Tampa, Fla.
Share of Purchase Mortgage Requests Coming from Millennials: 30%
Average Requested Loan Amount: $174,301
Las Vegas
Share of Purchase Mortgage Requests Coming from Millennials: 31%
Average Requested Loan Amount: $224,736
Miami
Share of Purchase Mortgage Requests Coming from Millennials: 32%
Average Requested Loan Amount: $225,536
To view the full report, visit: www.lendingtree.com/home/mortgage/most-popular-cities-millennial-homebuyers.
50 Largest Metros Ranked by Millennial Homebuying Popularity |
||||
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 |
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