CHARLOTTE, N.C., Jan. 7, 2020 /PRNewswire/ -- LendingTreeĀ®,
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
|
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
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.
About LendingTree
LendingTree (NASDAQ: TREE) is the
nation's leading online marketplace that connects consumers with
the choices they need to be confident in their financial decisions.
LendingTree empowers consumers to shop for financial services the
same way they would shop for airline tickets or hotel stays,
comparing multiple offers from a nationwide network of over 500
partners in one simple search, and can choose the option that best
fits their financial needs. Services include mortgage loans,
refinances, auto loans, personal loans, business loans, student
refinances, credit cards and more. Through the My LendingTree
platform, consumers receive free credit scores, credit monitoring,
customized recommendations to improve credit health, and
notification when there are opportunities to save money. In short,
LendingTree's purpose is to help simplify financial decisions for
life's meaningful moments through choice, education and support.
LendingTree, LLC is a subsidiary of LendingTree, Inc. For more
information, go to www.lendingtree.com, dial 800-555-TREE, like our
Facebook page and/or follow us on Twitter @LendingTree.
MEDIA CONTACT:
Megan
Greuling
Megan.greuling@lendingtree.com
704-943-8208
View original content to download
multimedia:http://www.prnewswire.com/news-releases/lendingtree-ranks-most-popular-cities-for-millennial-homebuyers-300982940.html
SOURCE LendingTree.com