LendingTree Ranks Most Popular Cities for Millennial Homebuyers
Key Findings:
Minneapolis ,Buffalo, N.Y. andSan Jose, Calif. are the metros where millennials make up the largest percentage of purchase requests. InMinneapolis , 56.2% of purchase requests came from millennials. InBuffalo, N.Y. andSan Jose, Calif. , the numbers are 56.1% and 55.8%, respectively.- In
Tampa, Fla. ,Las Vegas andMiami , millennials are making fewer purchase requests. Millennials made just 40.3% of the purchase requests inTampa, Fla. , andLas Vegas , and only 43.6% of the purchase requests inMiami . - Millennial homebuyers in
San Francisco ,San Jose, Calif. andLos 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 andMinneapolis 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 andSan 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. andMemphis, 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 |
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Rank |
Metro |
% of purchase requests (millennials) |
Average age of potential buyers (millennials) |
Average credit score value (millennials) |
Average requested loan Amount (millennials) |
Average down payment (millennials) |
1 |
Minneapolis |
56.20% |
30.4 |
672 |
$219,590 |
$31,812 |
2 |
Buffalo, N.Y. |
56.10% |
30.1 |
652 |
$137,739 |
$20,777 |
3 |
San Jose, Calif. |
55.80% |
31.7 |
720 |
$637,201 |
$148,098 |
4 |
Denver |
55.30% |
30.8 |
682 |
$316,524 |
$49,361 |
5 |
Salt Lake City |
54.90% |
30.5 |
675 |
$264,275 |
$39,071 |
6 |
Pittsburgh |
54.50% |
30.5 |
651 |
$144,414 |
$21,663 |
7 |
Milwaukee |
54.30% |
30.9 |
652 |
$177,412 |
$25,700 |
8 |
Austin, Texas |
53.80% |
30.9 |
677 |
$252,590 |
$40,571 |
9 |
St. Louis |
53.80% |
30.6 |
638 |
$152,258 |
$20,507 |
10 |
Detroit |
53.70% |
30.2 |
646 |
$156,582 |
$23,846 |
11 |
Philadelphia |
53.50% |
30.9 |
654 |
$200,803 |
$32,124 |
12 |
Cleveland |
53.00% |
30.6 |
649 |
$137,775 |
$19,769 |
13 |
Chicago |
52.90% |
31 |
664 |
$213,433 |
$33,612 |
14 |
Kansas City, Mo. |
52.80% |
30.8 |
642 |
$167,005 |
$30,514 |
15 |
Boston |
52.70% |
30.8 |
687 |
$349,871 |
$62,335 |
16 |
Cincinnati |
52.60% |
30.5 |
640 |
$155,775 |
$21,979 |
17 |
Hartford, Conn. |
52.60% |
30.9 |
658 |
$189,284 |
$28,002 |
18 |
Seattle |
52.60% |
31 |
683 |
$374,810 |
$63,723 |
19 |
San Francisco |
52.10% |
31.8 |
719 |
$613,407 |
$139,071 |
20 |
Washington |
51.90% |
31.2 |
681 |
$336,290 |
$51,192 |
21 |
New York |
51.80% |
31.3 |
691 |
$353,801 |
$69,490 |
22 |
Indianapolis |
51.50% |
30.5 |
638 |
$163,752 |
$22,422 |
23 |
Houston |
51.50% |
30.9 |
650 |
$207,343 |
$30,399 |
24 |
Richmond, Va. |
51.20% |
30.8 |
649 |
$207,891 |
$27,663 |
25 |
Columbus, Ohio |
51.20% |
30.7 |
649 |
$172,571 |
$25,556 |
26 |
Nashville, Tenn. |
51.10% |
30.6 |
655 |
$226,921 |
$33,358 |
27 |
Dallas |
51.10% |
30.9 |
651 |
$217,331 |
$31,102 |
28 |
Oklahoma |
50.60% |
30.7 |
633 |
$158,874 |
$21,067 |
29 |
Louisville, Ky. |
50.50% |
30.5 |
632 |
$156,768 |
$20,955 |
30 |
Portland, Ore. |
50.10% |
30.9 |
676 |
$282,779 |
$44,110 |
31 |
New Orleans |
49.90% |
31.2 |
637 |
$188,262 |
$26,276 |
32 |
Providence, R.I. |
49.80% |
30.8 |
657 |
$231,321 |
$30,758 |
33 |
Raleigh, N.C. |
49.80% |
30.9 |
668 |
$227,211 |
$32,626 |
34 |
Charlotte, N.C. |
49.50% |
30.8 |
651 |
$206,896 |
$30,547 |
35 |
Baltimore |
49.30% |
30.9 |
658 |
$234,609 |
$31,860 |
36 |
Virginia Beach, Va. |
49.20% |
31 |
635 |
$201,339 |
$23,121 |
37 |
Los Angeles |
49.10% |
31.4 |
690 |
$458,395 |
$81,382 |
38 |
Birmingham, Ala. |
48.90% |
30.6 |
634 |
$162,592 |
$21,622 |
39 |
San Antonio |
48.60% |
30.9 |
638 |
$189,119 |
$24,061 |
40 |
Memphis, Tenn. |
48.30% |
31 |
625 |
$160,486 |
$22,417 |
41 |
Atlanta |
48.10% |
30.9 |
641 |
$203,133 |
$28,009 |
42 |
San Diego |
47.70% |
31.4 |
693 |
$417,223 |
$67,613 |
43 |
Sacramento, Calif. |
46.80% |
31.1 |
674 |
$298,153 |
$44,001 |
44 |
Orlando, Fla. |
45.30% |
31 |
649 |
$210,886 |
$29,504 |
45 |
Riverside, Calif. |
45.20% |
31.1 |
652 |
$279,313 |
$35,684 |
46 |
Phoenix |
43.70% |
30.6 |
651 |
$230,148 |
$30,911 |
47 |
Jacksonville, Fla. |
43.70% |
31 |
638 |
$182,469 |
$23,284 |
48 |
Miami |
43.60% |
31.1 |
660 |
$248,363 |
$38,467 |
49 |
Las Vegas |
40.30% |
31.1 |
646 |
$245,093 |
$33,361 |
50 |
Tampa, Fla. |
40.30% |
30.9 |
644 |
$191,983 |
$25,584 |
For the full study and data set, visit: https://www.lendingtree.com/home/mortgage/most-popular-cities-millennial-homebuyers/
Methodology
About
MEDIA CONTACT:
Megan.greuling@lendingtree.com
704-943-8208
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SOURCE LendingTree.com