Millennials w/ Fair Credit Scores Highest Home Seekers

10 Most Popular Metros for Millennial Homebuyers - LendingTree Study

LendingTree, the nation’s leading online loan marketplace, has released the findings of its study on the most popular metro areas for millennials seeking homeownership.  LendingTree analyzed new purchase mortgage requests nation’s 50 largest metros on our online marketplace from January to November 2019 and found that millennials are the primary home-seeking generation for over half of the 50 largest metro areas in the US.

Key Findings:

  • Minneapolis, Buffalo, N.Y. and San Jose, Calif. are the metros where millennials make up the largest percentage of purchase requests. In Minneapolis, 56.2% of purchase requests came from millennials. In Buffalo, N.Y. and San Jose, Calif., the numbers are 56.1% and 55.8%, respectively.
  • In Tampa, Fla., Las Vegas and Miami, millennials are making fewer purchase requests. Millennials made just 40.3% of the purchase requests in Tampa, Fla., and Las Vegas, and only 43.6% of the purchase requests in Miami.
  • Millennial homebuyers in San Francisco, San Jose, Calif. and Los Angeles are the oldest in our study. The average age for these three areas was 31.6 years old, nearly a year older than the average 30.8 across the remaining 47 largest metros in the country. These homebuyers also face the highest average down payment amount.
  • Buffalo, N.Y., Detroit and Minneapolis are the metros with the youngest potential millennial homebuyers. The average age for these three areas was 30.2 years old.
  • San Jose, Calif., San Francisco and San Diego are markets where potential millennial homebuyers had the highest average credit scores. The average credit score for these three areas combined was nearly 711. By comparison, the average credit score for millennial homebuyers across the 50 largest metros in the country was 658.
  • Millennials in Oklahoma City, Louisville, Ky. and Memphis, Tenn., had the lowest average credit scores. Credit scores in these three areas were 633, 632 and 625, respectively.
    50 Largest US Metros Ranked by Millennial Homebuying Popularity
RankMetro% of purchase requests (millennials)Average age of potential buyers (millennials)Average credit score value (millennials)Average requested loan Amount (millennials)Average down payment (millennials)
1Minneapolis56.20%30.4672$219,590$31,812
2Buffalo, N.Y.56.10%30.1652$137,739$20,777
3San Jose, Calif.55.80%31.7720$637,201$148,098
4Denver55.30%30.8682$316,524$49,361
5Salt Lake City54.90%30.5675$264,275$39,071
6Pittsburgh54.50%30.5651$144,414$21,663
7Milwaukee54.30%30.9652$177,412$25,700
8Austin, Texas53.80%30.9677$252,590$40,571
9St. Louis53.80%30.6638$152,258$20,507
10Detroit53.70%30.2646$156,582$23,846
11Philadelphia53.50%30.9654$200,803$32,124
12Cleveland53.00%30.6649$137,775$19,769
13Chicago52.90%31664$213,433$33,612
14Kansas City, Mo.52.80%30.8642$167,005$30,514
15Boston52.70%30.8687$349,871$62,335
16Cincinnati52.60%30.5640$155,775$21,979
17Hartford, Conn.52.60%30.9658$189,284$28,002
18Seattle52.60%31683$374,810$63,723
19San Francisco52.10%31.8719$613,407$139,071
20Washington51.90%31.2681$336,290$51,192
21New York51.80%31.3691$353,801$69,490
22Indianapolis51.50%30.5638$163,752$22,422
23Houston51.50%30.9650$207,343$30,399
24Richmond, Va.51.20%30.8649$207,891$27,663
25Columbus, Ohio51.20%30.7649$172,571$25,556
26Nashville, Tenn.51.10%30.6655$226,921$33,358
27Dallas51.10%30.9651$217,331$31,102
28Oklahoma50.60%30.7633$158,874$21,067
29Louisville, Ky.50.50%30.5632$156,768$20,955
30Portland, Ore.50.10%30.9676$282,779$44,110
31New Orleans49.90%31.2637$188,262$26,276
32Providence, R.I.49.80%30.8657$231,321$30,758
33Raleigh, N.C.49.80%30.9668$227,211$32,626
34Charlotte, N.C.49.50%30.8651$206,896$30,547
35Baltimore49.30%30.9658$234,609$31,860
36Virginia Beach, Va.49.20%31635$201,339$23,121
37Los Angeles49.10%31.4690$458,395$81,382
38Birmingham, Ala.48.90%30.6634$162,592$21,622
39San Antonio48.60%30.9638$189,119$24,061
40Memphis, Tenn.48.30%31625$160,486$22,417
41Atlanta48.10%30.9641$203,133$28,009
42San Diego47.70%31.4693$417,223$67,613
43Sacramento, Calif.46.80%31.1674$298,153$44,001
44Orlando, Fla.45.30%31649$210,886$29,504
45Riverside, Calif.45.20%31.1652$279,313$35,684
46Phoenix43.70%30.6651$230,148$30,911
47Jacksonville, Fla.43.70%31638$182,469$23,284
48Miami43.60%31.1660$248,363$38,467
49Las Vegas40.30%31.1646$245,093$33,361
50Tampa, Fla.40.30%30.9644$191,983$25,584

For the full study and data set, visit: https://www.lendingtree.com/home/mortgage/most-popular-cities-millennial-homebuyers/

LendingTree analyzed mortgage requests and offers for borrowers aged 23 to 38 years from Jan. 1, 2019 to Nov. 31, 2019, along with requests from the total population of mortgage seekers based on the property location. The city rankings are generated from the percentage of total purchase mortgage requests received by LendingTree from borrowers in the millennial generation.

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