The 25 most popular cities for millennial homebuyers

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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

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