Millennials make up the largest group of homebuyers in the United States, surpassing members of older (and richer) generations like Generation X and baby boomers. And though the COVID-19 pandemic has doubtlessly caused some millennials to put their homebuying plans on hold, many members of this generation are still looking to take advantage of near record-low mortgage rates to buy a house.
But where are millennials looking to buy? To answer this question, LendingTree analyzed mortgage purchase requests made on the LendingTree platform across the nation’s 50 largest metros from Jan. 1 through Dec. 15, 2020.
What LendingTree found was that millennials (defined as anyone born between 1981 and 1996) make up a majority of potential homebuyers in most of the country’s largest metros, including San Jose, Calif., Boston and Denver.
25. Portland, Oregon
Percentage of all purchase requests: 53.79%
Average age of potential buyers: 31.67
Average requested loan amount: $322,659
Average down payment: $47,713
Average credit score value: 688
24. Detroit
Percentage of all purchase requests: 54.06%
Average age of potential buyers: 31.15
Average requested loan amount: $180,289
Average down payment: $27,947
Average credit score value: 656
23. Kansas City, Missouri
Percentage of all purchase requests: 54.19%
Average age of potential buyers: 31.5
Average requested loan amount: $196,977
Average down payment: $27,891
Average credit score value: 653
22. Providence, Rhode Island
Percentage of all purchase requests: 54.28%
Average age of potential buyers: 31.56
Average requested loan amount: $260,227
Average down payment: $37,076
Average credit score value: 669
21. Columbus, Ohio
Percentage of all purchase requests: 54.56%
Average age of potential buyers: 31.36
Average requested loan amount: $200,858
Average down payment: $30,068
Average credit score value: 663
20. Cleveland, Ohio
Percentage of all purchase requests: 54.56%
Average age of potential buyers: 31.3
Average requested loan amount: $162,168
Average down payment: $24,266
Average credit score value: 657
19. Cincinnati, Ohio
Percentage of all purchase requests: 54.59%
Average age of potential buyers: 31.25
Average requested loan amount: $180,049
Average down payment: $26,037
Average credit score value: 648
18. Washington, DC
Percentage of all purchase requests: 54.70%
Average age of potential buyers: 31.95
Average requested loan amount: $384,472
Average down payment: $59,853
Average credit score value: 692
17. Nashville
Percentage of all purchase requests: 54.94%
Average age of potential buyers: 31.17
Average requested loan amount: $266,128
Average down payment: $39,494
Average credit score value: 672
16. St. Louis
Percentage of all purchase requests: 55.30%
Average age of potential buyers: 31.58
Average requested loan amount: $176,467
Average down payment: $25,156
Average credit score value: 648
15. Philadelphia
Percentage of all purchase requests: 56.05%
Average age of potential buyers: 31.54
Average requested loan amount: $232,024
Average down payment: $37,509
Average credit score value: 667
14. Chicago, Illinois
Percentage of all purchase requests: 56.09%
Average age of potential buyers: 31.56
Average requested loan amount: $242,917
Average down payment: $40,564
Average credit score value: 676
13. Hartford, Connecticut
Percentage of all purchase requests: 56.27%
Average age of potential buyers: 31.56
Average requested loan amount: $214,530
Average down payment: $32,668
Average credit score value: 675
12. Milwaukee
Percentage of all purchase requests: 56.95%
Average age of potential buyers: 31.42
Average requested loan amount: $200,869
Average down payment: $29,878
Average credit score value: 665
11. Seattle
Percentage of all purchase requests: 57.11%
Average age of potential buyers: 31.79
Average requested loan amount: $453,801
Average down payment: $83,935
Average credit score value: 703
10. New York
Percentage of all purchase requests: 57.26%
Average age of potential buyers: 31.96
Average requested loan amount: $402,618
Average down payment: $80,233
Average credit score value: 705
9. Pittsburgh
Percentage of all purchase requests: 57.28%
Average age of potential buyers: 31.24
Average requested loan amount: $172,270
Average down payment: $26,978
Average credit score value: 659
8. Austin, Texas
Percentage of all purchase requests: 57.34%
Average age of potential buyers: 31.41
Average requested loan amount: $288,461
Average down payment: $47,940
Average credit score value: 687
7. Salt Lake City, Utah
Percentage of all purchase requests: 57.98%
Average age of potential buyers: 30.8
Average requested loan amount: $310,702
Average down payment: $47,250
Average credit score value: 690
6. San Francisco
Percentage of all purchase requests: 58.30%
Average age of potential buyers: 32.22
Average requested loan amount: $676,344
Average down payment: $153,562
Average credit score value: 728
5. Buffalo, New York
Percentage of all purchase requests: 58.44%
Average age of potential buyers: 31.14
Average requested loan amount: $153,411
Average down payment: $24,020
Average credit score value: 661
4. Minneapolis
Percentage of all purchase requests: 58.76%
Average age of potential buyers: 31.2
Average requested loan amount: $252,163
Average down payment: $38,833
Average credit score value: 684
3. Denver
Percentage of all purchase requests: 59.07%
Average age of potential buyers: 31.25
Average requested loan amount: $354,433
Average down payment: $56,937
Average credit score value: 691
2. Boston
Percentage of all purchase requests: 59.09%
Average age of potential buyers: 31.48
Average requested loan amount: $416,267
Average down payment: $78,062
Average credit score value: 705
1. San Jose, California
Percentage of all purchase requests:61.79%
Average age of potential buyers: 32.12
Average requested loan amount: $704,318
Average down payment: $158,040
Average credit score value: 730
This article originally appeared on LendingTree.com and was syndicated by MediaFeed.org.
Image Credit: iStock/bluejayphoto
AlertMe
