Vibrant city life, easy access to outdoors, promising equity growth and most importantly, high-paying tech jobs seem irresistible to Millennial buyers.
Millennials Borrowing on Majority of Homes in Nation’s Largest Cities
Millennials, born between 1981-96, make up 43% of homeowners in the US, the lowest homeownership rate of any generation,, according to a Legal & General survey.
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Still, according to a recent LendingTree report, Millennials are borrowing on a majority of the homes in the country’s largest cities. Jacob Channel, LendingTree senior economic analyst and report author, said, “They (Millennials) make up the largest share of homebuyers in many of the nation’s largest metros. As they continue to get older, get married and start families, the homeownership rate among Millennials is likely to rise even further.”
Common Characteristics of Metros that Attract Millennial Buyers
The most popular Millennial metros share these characteristics: a vibrant city life, easy access to the outdoors, and either affordable down payments or a promise of equity growth. Most importantly, Millennials are drawn to metros with high–paying technology jobs.
Top 10 Magnet Metros for Millennials
- Denver CO
– share of Millennial mortgages – 63.63%
– average Millennial age – 32.09
– average Millennial credit score – 723
– average Millennial down payment – $53,750
- Seattle WA
– share of Millennial mortgages – 61.35%
– average Millennial age – 32.87
– average Millennial credit score – 725
– average Millennial down payment- $85,677
- Boston MA
– share of Millennial mortgages – 61.08%
– average Millennial age – 32.73
– average Millennial credit score – 728
– average Millennial down payment – $59,599
- Austin TX
– share of Millennial mortgages – 60.46%
– average Millennial age – 32.76
– average Millennial credit score – 726
– average Millennial down payment – $51,349
- Pittsburgh PAA
– share of Millennial mortgages – 59.34%
– average Millennial age – 32.29
– average Millennial credit score – 720
– average Millennial down payment – $30,819
- Salt Lake City UT
– share of Millennial mortgages – 58.80%
– average Millennial age – 31.72
– average Millennial credit score – 729
– average Millennial down payment- $57,120
- San Jose CA
– share of Millennial mortgages – 58.08%
– average Millennial age – 33.42
– average Millennial credit score – 734
– average Millennial down payment – $120,847
- Milwaukee WI
– share of Millennial mortgages – 56.99%
– average Millennial age – 32.06
– average Millennial credit score – 712
– average Millennial down payment – $34,278
- Indianapolis IN
– share of Millennial mortgages – 56.87%
– average Millennial age – 31.68
– average Millennial credit score – 710
– average Millennial down payment – $34,796
- Raleigh NC
– share of Millennial mortgages – 56.60%
– average Millennial age – 32.24
– average Millennial credit score – 720
– average Millennial down payment – $44,943
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Thanks to LendingTree and National Mortgage News.
