According to new data from realtor.com, Millennials are carving their footprints into smaller housing markets and the shares of new mortgage originations.
Take a look at the top housing markets for Millennials, Gen-Xers and Boomers by the end of 2018:
Top Markets for Millennials
- Buffalo NY
- Pittsburgh PN
- Milwaukee WI
- Cincinnati OH
- Columbus OH
- Louis MO
- Boston MA
- Indianapolis IN
- Cleveland OH
- Baltimore MD
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In the top five markets in this category, Millennials generated more than 50% of all new mortgages, an increase of more than +4%.
Top Markets for Gen-Xers
- Los Angeles CA
- Providence RI
- Bridgeport CT
- Jacksonville FL
- Atlanta GA
- Washington DC
- Tampa FL
- Dallas TX
- Rochester NY
- Las Vegas NV
Gen-Xers are in their prime income-earning years. It makes sense that they are purchasing homes in strong job markets and secondary home markets. Five of these 10 markets have higher unemployment rates than the national average of 3.7%.
Top Markets for Boomers
- Knoxville TN
- Sacramento CA
- Memphis TN
- Oklahoma City OK
- Riverside CA
- Miami FL
- Atlanta GA
- ’San Antonio TX
- Phoenix AZ
- Raleigh NC
Boomers showed strong preferences for markets within low-tax states, presumably to maintain the wealth they’ve earned during their working years and to make that wealth last throughout their senior years.
Millennials now represent 42% of all new home loans and taking on the lion’s share of loan value and dollar value compared with other generations.
Total Share of New Mortgages Taken On By Generations
December 2016 December 2018
Boomers 19% Boomers 17%
Gen-Xers 44% Gen-Xers 36%
Millennials 35% Millennials 45%
Dollar Share of Total Loan Origination By Generations
December 2016 December 2018
Boomers 19% Boomers 17%
Gen-Xers 44% Gen-Xers 40%
Millennials 35% Millennials 42%
Millennials tend to be focused on more affordable markets where they can make lower down payments and obtain larger mortgages. With their already expanding collective purchasing power, Millennials are choosing to get their footholds into less traditional secondary markets where jobs and available homes for sale are plentiful so they can, and already are, “move up” beyond starter homes.
Thanks to Javier Vivas with realtor.com for source data.
Also read: Trouble Brewing in These Markets?, Markets That May See Downturn in Possible Recession, How Brexit Deal, No-Deal, Delay Scenarios Could Affect UK Home Sales
