According to the online loan marketplace LendingTree, nearly one quarter of all mortgage requests in 2018 came from Millennial homebuyers 35 years and younger.
And where are the most/least popular places with Millennial homebuyers?
Salt Lake City, Minneapolis and Pittsburgh are the most popular metros among Millennials.
- 51% of Salt Lake City’s homebuyers were Millennials. The average Millennial loan amount request was $234,391.
- 48% of Minneapolis and Pittsburgh’s homebuyers were Millenniuals. The average Millennial loan amount request was $200,930 and $128,316 respectively.
Tampa, Las Vegas and Miami were the least popular metros among Millennials.
- 30% of Tampa’s homebuyers were under 35. The average Millennial loan amount request was $174,301.
- 31% of Las Vegas’ homebuyers were under 35. The average Millennial loan amount request was $224,746.
- 32% of Miami’s homebuyers were under 35. The average Millennial loan amount request was $225,536.
Millennials had to wait the longest to buy homes in San Francisco, San Jose and New York City.
- The average age of Millennial homebuyers in these three metros was 29.6 years old.
- The average age of Millennial homebuyers was 28.7 years old in the remaining 47 metros.
Salt Lake City, Louisville and Cincinnati had the lowest average age of homebuyers under 35.
- In these three metros, the average age of potential Millennial homebuyers was approximately 28 years old.
Millennial homebuyers in San Jose, San Francisco and New York City had the highest average credit score…704. This compares to average Millennial credit scores of approximately 656 in the remaining 47 metros.
Millennial homebuyers with the lowest average credit scores were in Minneapolis, Birmingham and New Orleans.
- Millennials in Minneapolis had an average credit score of 622.
- Millennials in Birmingham had an average credit score of 629.
- Millennials in New Orleans had an average credit score of 634.
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