Millennials remain the largest homebuying segment for the fourth consecutive year in the U.S. As the largest population demographic ever in the country, where Millennials locate, live and work will impact the economic landscape of the country for decades to come. With a median age of 29, Millennials are not at the peak age of 32 for first time homebuyers according to the latest profile of Homebuyers and Sellers from the National Association of Realtors®.
To determine where Millennials are most active in the housing market, LendingTree analyzed all of the purchase mortgage requests commencing January 1, 2018 through November 25, 2018 for the 50 largest metros in the U.S. Millennials were defined as those aged less than 35. One out of every four purchase loan applications in 2018 came from individuals aged less than 35.
The following table details the top-10 metros based on a percentage of all individuals aged less than 35 applying for home purchase loans. Multiple other metrics are included. None of these 10 metros are relatively high-cost markets, indicating that Millennials are seeking not just a place to work, but a more quality economic atmosphere. More than one-half (51 percent) of those applying for purchase loans in Salt Lake City were younger than 35 years of age.
The next table shows the 10 metros with the smallest percentage of Millennials applying for home purchase loans in the 50 largest U.S. metros.
Given the long-term economic ramifications, included are all of the top-50 destinations for Millennial homebuyers. While the top-10 destinations are more affordable, the same is not true for the other 40 metros in the study.
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Where this generation locates will define these metro’s economic foundations for years to come.
Exciting news is that, contrary to expectations, Millennials are forging ahead in home ownership. At least up to now in the U.S., homeownership has been the largest contributor to wealth accumulation, boding well for the Millennial generation in the future.