Boomer homebuyers are flocking to these locations

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Baby boomers are the wealthiest generation of Americans alive today, according to the latest Federal Reserve data, and plenty are still looking to buy homes.

But where are baby boomers looking to buy? To answer this question, LendingTree analyzed mortgage purchase requests made in 2020 on the LendingTree platform across the nation’s 50 largest metropolitan areas (metros).

What LendingTree found was that baby boomers (defined as anyone born between 1946 and 1964) make up a significant portion of potential homebuyers in many of the country’s largest metros.

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Methodology

Boomer homebuyers are flocking to these locations

LendingTree used generational definitions, from the Pew Research Center, to define the age range for baby boomers as being born between 1946 and 1964.

Metropolitan statistical area (MSA) rankings were generated by looking at the percentage of total purchase mortgage requests received by LendingTree from baby-boomer borrowers. The larger the share of requests from baby boomers, the higher ranking a metro area received.

Borrower data was derived from mortgage requests and offers given to users of the LendingTree mortgage shopping platform across the nation’s 50 largest metropolitan areas from Jan. 1, 2020, to Dec. 31, 2020.

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Home buying tips for Boomers

Boomer homebuyers are flocking to these locations

In general, baby boomers tend to have stronger financial profiles than those of younger generations, but that doesn’t mean that they don’t need to carefully plan before buying a home.

Here are some tips for baby boomers looking to buy a home:

  • Consider how it will impact your retirement. If you’re thinking about buying a house while you’re nearing or at retirement age, you’ll want to carefully consider how costs associated with that house will impact you when you’re no longer working. For example, if you pay with cash, ask yourself if you will be able to afford property taxes or other annual fees. If you decide to take out a loan, consider whether or not you’ll be able to make your monthly payments.
  • Look into different loan programs. There are many different loan programs that could be beneficial to you depending on your financial profile. For example, if you’re an older baby boomer you might be able to qualify for a retirement mortgage, which can help you get around income requirements that you’re likely to find with other loans.
  • Pay down your monthly debts. If you decide to purchase a home with a loan, lenders look carefully at your debt-to-income (DTI) ratio, the percentage of your gross monthly income that goes toward recurring debts. Maximum DTI ratios vary by loan program, however, so it’s a good idea to keep your total DTI ratio (which includes your monthly mortgage and all debt payments) at 43% or less. Even if you plan on paying with cash, it’s a good idea to pay off as much debt as you can so you have extra money for housing-related costs.

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25. Houston

Boomer homebuyers are flocking to these locations

  • Share of mortgage requests coming from baby boomers: 10.28%
  • Average baby boomer age: 62.5
  • Average credit score among baby boomers: 677
  • Average down payment amount among baby boomers: $45,644
  • Average requested loan amount among baby boomers: $224,083

Image Credit: Deposit Photos.

24. Nashville

Boomer homebuyers are flocking to these locations

  • Share of mortgage requests coming from baby boomers: 10.38%
  • Average baby boomer age: 62.2
  • Average credit score among baby boomers: 689
  • Average down payment amount among baby boomers: $57,105
  • Average requested loan amount among baby boomers: $260,750

Image Credit: iStock/Vito Palmisano.

23. Los Angeles

Boomer homebuyers are flocking to these locations

  • Share of mortgage requests coming from baby boomers: 10.49%
  • Average baby boomer age: 62.3
  • Average credit score among baby boomers: 693
  • Average down payment amount among baby boomers: $97,495
  • Average requested loan amount among baby boomers: $423,968

Image Credit: iStock/shalunts.

22. Raleigh, North Carolina

Boomer homebuyers are flocking to these locations

  • Share of mortgage requests coming from baby boomers: 10.60%
  • Average baby boomer age: 61.8
  • Average credit score among baby boomers: 685
  • Average down payment amount among baby boomers: $44,823
  • Average requested loan amount among baby boomers: $225,762

Image Credit: iStock/Mark Howard.

21. Oklahoma City

Boomer homebuyers are flocking to these locations

  • Share of mortgage requests coming from baby boomers: 10.65%
  • Average baby boomer age: 62.1
  • Average credit score among baby boomers: 682
  • Average down payment amount among baby boomers: $34,531
  • Average requested loan amount among baby boomers: $173,498

Image Credit: Deposit Photos.

20. Atlanta

Boomer homebuyers are flocking to these locations

  • Share of mortgage requests coming from baby boomers: 10.67%
  • Average baby boomer age: 62.1
  • Average credit score among baby boomers: 667
  • Average down payment amount among baby boomers: $39,789
  • Average requested loan amount among baby boomers: $214,220

Image Credit: gabrieleckert / iStock.

19. Charlotte, North Carolina

Boomer homebuyers are flocking to these locations

  • Share of mortgage requests coming from baby boomers: 10.84%
  • Average baby boomer age: 62.2
  • Average credit score among baby boomers: 674
  • Average down payment amount among baby boomers: $42,830
  • Average requested loan amount among baby boomers: $217.053

Image Credit: DepositPhotos.com.

18. Portland, Oregon

Boomer homebuyers are flocking to these locations

  • Share of mortgage requests coming from baby boomers: 10.89%
  • Average baby boomer age: 62.3
  • Average credit score among baby boomers: 692
  • Average down payment amount among baby boomers: $58,762
  • Average requested loan amount among baby boomers: $282,576

Image Credit: DepositPhotos.com.

17. Memphis

Boomer homebuyers are flocking to these locations

  • Share of mortgage requests coming from baby boomers: 10.92%
  • Average baby boomer age: 61.6
  • Average credit score among baby boomers: 662
  • Average down payment amount among baby boomers: $30,158
  • Average requested loan amount among baby boomers: $192,342

Image Credit: DepositPhotos.com.

16. Richmond, Virginia

Boomer homebuyers are flocking to these locations

  • Share of mortgage requests coming from baby boomers: 10.96%
  • Average baby boomer age: 62.6
  • Average credit score among baby boomers: 681
  • Average down payment amount among baby boomers: $41,749
  • Average requested loan amount among baby boomers: $209,718

Image Credit: iStock/Sean Pavone.

15. Birmingham, Alabama

Boomer homebuyers are flocking to these locations

  • Share of mortgage requests coming from baby boomers: 11.62%
  • Average baby boomer age: 62.2
  • Average credit score among baby boomers: 666
  • Average down payment amount among baby boomers: $34,208
  • Average requested loan amount among baby boomers: $180,679

Image Credit: DepositPhotos.com.

14. Baltimore

Boomer homebuyers are flocking to these locations

  • Share of mortgage requests coming from baby boomers: 11.63%
  • Average baby boomer age: 61.9
  • Average credit score among baby boomers: 671
  • Average down payment amount among baby boomers: $44,295
  • Average requested loan amount among baby boomers: $247,038

Image Credit: DepositPhotos.com.

13. San Antonio

Boomer homebuyers are flocking to these locations

  • Share of mortgage requests coming from baby boomers: 11.70%
  • Average baby boomer age: 62.6
  • Average credit score among baby boomers: 674
  • Average down payment amount among baby boomers: $40,399
  • Average requested loan amount among baby boomers: $213,417

Image Credit: DepositPhotos.

12. Providence, Rhode Island

Boomer homebuyers are flocking to these locations

  • Share of mortgage requests coming from baby boomers: 11.97%
  • Average baby boomer age: 62.1
  • Average credit score among baby boomers: 694
  • Average down payment amount among baby boomers: $48,934
  • Average requested loan amount among baby boomers: $239,478

Image Credit: SeanPavonePhoto/iStock.

11. New Orleans

Boomer homebuyers are flocking to these locations

  • Share of mortgage requests coming from baby boomers: 12.12%
  • Average baby boomer age: 62.3
  • Average credit score among baby boomers: 676
  • Average down payment amount among baby boomers: $41,479
  • Average requested loan amount among baby boomers: $204,111

Image Credit: Sean Pavone / iStock.

10. Sacramento, California

Boomer homebuyers are flocking to these locations

  • Share of mortgage requests coming from baby boomers: 12.46%
  • Average baby boomer age: 62.4
  • Average credit score among baby boomers: 685
  • Average down payment amount among baby boomers: $59,287
  • Average requested loan amount among baby boomers: $285,923

Image Credit: iStock/Chris LaBasco.

9. Virginia Beach, Virginia

Boomer homebuyers are flocking to these locations

  • Share of mortgage requests coming from baby boomers: 13.19%
  • Average baby boomer age: 61.9
  • Average credit score among baby boomers: 665
  • Average down payment amount among baby boomers: $38,683
  • Average requested loan amount among baby boomers: $226,908

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8. San Diego

Boomer homebuyers are flocking to these locations

  • Share of mortgage requests coming from baby boomers: 13.20%
  • Average baby boomer age: 62.6
  • Average credit score among baby boomers: 702
  • Average down payment amount among baby boomers:  $91,017
  • Average requested loan amount among baby boomers: 4409,620

Image Credit: iStock / Jerry Uomala.

7. Orlando, Florida

Boomer homebuyers are flocking to these locations

  • Share of mortgage requests coming from baby boomers: 13.27%
  • Average baby boomer age: 62.5
  • Average credit score among baby boomers: 684
  • Average down payment amount among baby boomers: $43,025
  • Average requested loan amount among baby boomers: $218,010

Image Credit: DepositPhotos.com.

6. Riverside, California

Boomer homebuyers are flocking to these locations

  • Share of mortgage requests coming from baby boomers: 13.73%
  • Average baby boomer age: 62.7
  • Average credit score among baby boomers: 683
  • Average down payment amount among baby boomers: $53,586
  • Average requested loan amount among baby boomers: $276,202

Image Credit: DepositPhotos.com.

5. Jacksonville, Florida

Boomer homebuyers are flocking to these locations

  • Share of mortgage requests coming from baby boomers: 13.95%
  • Average baby boomer age: 62.8
  • Average credit score among baby boomers: 687
  • Average down payment amount among baby boomers: $46,364
  • Average requested loan amount among baby boomers: $219,520

Image Credit: Philip Rozenski / iStock.

4. Miami

Boomer homebuyers are flocking to these locations

  • Share of mortgage requests coming from baby boomers: 15.26%
  • Average baby boomer age: 62.5
  • Average credit score among baby boomers: 697
  • Average down payment amount among baby boomers: $63,759
  • Average requested loan amount among baby boomers: $269,351

Image Credit: DepositPhotos.com.

3. Phoenix

Boomer homebuyers are flocking to these locations

  • Share of mortgage requests coming from baby boomers: 16.36%
  • Average baby boomer age: 63.2
  • Average credit score among baby boomers: 693
  • Average down payment amount among baby boomers:  $54,342
  • Average requested loan amount among baby boomers: $264,800

Image Credit: iStock/Sean Pavone.

2. Tampa, Florida

Boomer homebuyers are flocking to these locations

  • Share of mortgage requests coming from baby boomers: 17.33%
  • Average baby boomer age: 62.9
  • Average credit score among baby boomers: 690
  • Average down payment amount among baby boomers: $41,341
  • Average requested loan amount among baby boomers: $196,524

Image Credit: Gabriele Maltinti / iStock.

1. Las Vegas

Boomer homebuyers are flocking to these locations

  • Share of mortgage requests coming from baby boomers: 19.97%
  • Average baby boomer age: 63.2
  • Average credit score among baby boomers: 681
  • Average down payment amount among baby boomers: $52,262
  • Average requested loan amount among baby boomers: $263,256

LendingTree senior research analyst Jacob Channel contributed to this report.

This article originally appeared on LendingTree.com and was syndicated by MediaFeed.org.

Image Credit: DepositPhotos.com.

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