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Homebuying Hotspots for Millennials

A new LendingTree study reveals the top ten cities that are drawing the most homebuyers from the millennial generation. The three most popular cities for millennials to put down roots are Minneapolis, Minnesota; Buffalo, New York; and San Jose, California, as these are the metro areas where that generation has shown the largest interest by way of the greatest number of home purchase bids.

After analyzing the amount of new purchase mortgage requests within the nation’s 50 most populated metro areas from data gathered between January 2019 to November 2019, LendingTree discovered that it was the millennial generation that actually made up more than half of the home seekers looking to purchase in these specific large city-regions.

Actual percentages of purchase requests were also revealed, showing frontrunner Minneapolis, with 56.2% of purchase requests coming from millennials, while Buffalo had 56.1% and San Jose had 55.8%. Somewhat surprising metro areas with lackluster millennial home purchase requests were Tampa, Florida; Las Vegas, Nevada; and Miami, Flordia, where millennials made a mere 40.3% and only 43.6%, respectively. 

Other interesting findings of note regarding millennial homebuyers were revealed by the study, including the fact that millennial homebuyers in the three Californian cities of San Francisco, San Jose, and Los Angeles are among the oldest aged within the survey pool, the average age being 31.6 years old versus the average of 30.8 across the rest of the remaining metro areas. Interestingly, it is this bracket that also is expected to fork over the heftiest down payments for home purchase on average.

As for the youngest potential millennial homebuyers, Buffalo, Detroit, Michigan, and Minneapolis, showed average buyers being 30.2 years old accounted for the largest amount. The three California metros of San Jose, San Francisco, and San Diego revealed the highest average credit scores for potential millennial homebuyers posting bids on homes, while in contrast, hopeful millennial homebuyers with the most disappointing credit scores hailed from 

Oklahoma City, Oklahoma; Louisville, Kentucky; and Memphis, Tennessee. 

About Author: Andy Beth Miller

Andy Beth Miller is an experienced freelance editor and writer. Her main focus is travel writing, and when she is not typing away from her computer at her home in the Hawaiian Islands, she is regularly roaming the world as a digital nomad, and loving every minute of it. She has been published in myriad online and print magazines, is a fan of all things outdoors, and finds life (and all of its business, technological, and cultural facets) fascinating in their constant evolution. She is excited to spectate as the world changes, and have a job that allows her to bring a detailed account of those constant shifts to her readers at home and abroad.
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