Dec 27

Popular Cities for Millennials

Popular Cities for Millennials

Popular Cities for Millennials

Popular Cities for Millennials

Millennials are choosing to plant roots in Salt Lake City, Minneapolis, and Pittsburgh at higher rates than in any other of the nation’s 50 largest metro areas, according to a new report by online marketplace LendingTree, which analyzed mortgage requests from January to November. “While millennials are often stereotyped as adolescents, the reality is that this generation is well into adulthood, with most between their early 20s and mid-30s,” according to the study. “This means that many of them are actively pursuing careers, having children, and buying homes.”

In Salt Lake City, millennials made the majority of total purchase requests—51 percent—between Jan. 1 and Nov. 25 this year. In Minneapolis and Pittsburgh, the percentage was 48 percent, according to the study. On the other hand, the fewest mortgage requests from millennials during the same time period were in Tampa, Fla., Las Vegas, and Miami. Only 30 percent of purchase requests in Tampa came from millennials. Tampa represents the lowest share of millennial mortgage requests among the 50 largest metro areas analyzed.

Researchers also found that in San Jose, Calif., San Francisco, and New York, millennials tend to have the longest wait to purchase a home. The average age for these three cities to buy was 29.6 years old compared to the national average of 28.7 years old.

Rank Metro Population 2017 % of purchase requests from (<35) Average age of buyers  (<35) Average credit score value (<35) Average requested loan Amount (<35) Average down payment (<35)
1 Salt Lake City 1,203,105 51% 28.0 668 $234,391 $32,859
2 Minneapolis 3,600,618 48% 28.5 670 $200,930 $29,111
3 Pittsburgh 2,333,367 48% 28.4 650 $128,316 $19,162
4 Buffalo, N.Y. 1,136,856 46% 28.4 654 $126,907 $19,206
5 Denver 2,888,227 45% 28.9 680 $293,848 $47,728
6 St. Louis 2,807,338 45% 28.5 638 $137,722 $18,309
7 Kansas City, Mo. 2,128,912 45% 28.5 640 $153,194 $20,515
8 Columbus, Ohio 2,078,725 44% 28.4 644 $150,508 $21,651
9 Rochester, N.Y. 1,077,948 44% 28.4 643 $116,321 $18,531
10 Cincinnati 2,179,082 43% 28.2 637 $139,338 $18,357
11 Milwaukee 1,576,236 43% 28.7 652 $166,169 $25,071
12 Indianapolis 2,028,614 43% 28.2 640 $146,255 $20,201
13 Detroit 4,313,002 43% 28.3 643 $139,565 $21,744
14 Cleveland 2,058,844 43% 28.4 645 $123,806 $17,600
15 San Jose, Calif. 1,998,463 43% 29.6 713 $587,358 $143,207
16 Seattle 3,867,046 43% 29.0 678 $330,438 $60,100
17 Boston 4,836,531 42% 29.0 682 $310,892 $54,061
18 Hartford, Conn. 1,210,259 42% 28.7 661 $174,850 $26,521
19 Oklahoma City 1,383,737 42% 28.2 638 $147,629 $19,999
20 Providence, R.I. 1,621,122 42% 28.7 656 $210,740 $28,525
21 Nashville, Tenn. 1,903,045 42% 28.4 653 $203,335 $28,674
22 Philadelphia 6,096,120 42% 28.9 656 $183,220 $29,139
23 Chicago 9,533,040 42% 28.9 662 $195,674 $32,564
24 Louisville, Ky. 1,293,953 41% 28.2 636 $140,320 $18,971
25 Birmingham, Ala. 1,149,807 40% 28.4 629 $142,168 $18,263
26 Washington 6,216,589 40% 29.2 681 $307,173 $47,782
27 Richmond, Va. 1,294,204 40% 28.8 648 $189,490 $25,955
28 Baltimore 2,808,175 40% 29.0 659 $216,938 $29,585
29 Houston 6,892,427 39% 28.8 650 $191,032 $28,271
30 Austin, Texas 2,115,827 39% 28.9 675 $235,610 $37,978
31 Dallas 7,399,662 39% 28.8 647 $198,530 $27,973
32 San Francisco 4,727,357 39% 29.8 711 $566,470 $129,271
33 New Orleans 1,275,762 39% 28.8 634 $165,221 $24,620
34 Virginia Beach, Va. 1,725,246 38% 28.6 635 $183,745 $19,921
35 Charlotte, N.C. 2,525,305 38% 28.7 649 $180,733 $26,015
36 Portland, Ore. 2,453,168 38% 28.7 668 $266,368 $38,834
37 Raleigh, N.C. 1,335,079 38% 28.8 671 $200,195 $29,490
38 Phoenix 4,737,270 37% 28.4 650 $206,245 $27,497
39 Memphis, Tenn. 1,348,260 37% 28.9 622 $145,753 $19,740
40 Los Angeles 13,353,907 37% 29.3 683 $421,934 $77,631
41 Atlanta 5,884,736 37% 28.9 641 $181,503 $25,710
42 Riverside, Calif. 4,580,670 37% 28.9 647 $257,333 $33,693
43 New York 20,320,876 37% 29.4 687 $313,170 $64,301
44 Jacksonville, Fla. 1,504,980 36% 28.7 636 $168,558 $21,907
45 Sacramento, Calif. 2,324,884 35% 29.1 664 $267,812 $38,427
46 San Diego 3,337,685 35% 29.2 686 $378,894 $62,937
47 Orlando, Fla. 2,509,831 34% 28.7 650 $189,911 $26,647
48 Miami 6,158,824 32% 29.1 657 $225,536 $36,292
49 Las Vegas 2,204,079 31% 28.8 651 $224,736 $31,495
50 Tampa, Fla. 3,091,399 30% 28.7 644 $174,301 $23,772
Source:
“LendingTree Ranks Most Popular Cities for Millennial Homebuyers,” LendingTree (Dec. 19, 2018)

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