A new LendingTree study [1] 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.