CoreLogic tells us that Millennial homebuyers, with an average age of 31 years, were 44% of all people applying for home purchase mortgage applications in 2018. This 44% is an increase of +2% compared with 2017.
Millennial homebuyers based their house choices on several factors including affordability, employment opportunities, local tax rates and a strong preference for open space. The more affordable markets, the more Millennial buying power.
(CoreLogic computed its Affordability Index based upon the National Association of REALTORS® Housing Affordability Index.)
Markets with the highest percentage of Millennials applying for home purchase applications were…
- Pittsburg PA – 57%
- Provo UT – 56%
- Rochester NY – 55%
- Buffalo NY – 55%
- Des Moines IA – 54%
Metros with the lowest percentage of Millennials applying for home purchase applications were…
- North Point FL – 24%
- Cape Coral FL – 30%
- Oxnard CA – 32%
- Palm Bay FL – 33%
- Miami FL – 35%
- Las Vegas NV – 35%
- Los Angeles CA – 35%
The Midwest section of the country also had high shares of Millennial homebuyers applying for home purchase mortgage applications.
Most Millennial applicants who lived in New York applied for home purchase mortgages in either New Jersey or Pennsylvania. Most Millennial applicants who lived in California applied for their home purchase mortgages in the state of Arizona.
On the other end of the age spectrum, retiree applicants who lived in New York, Illinois, Virginia, Pennsylvania, Ohio and Maryland applied for their home purchase mortgage applications in Florida.