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LendingTree Ranks Most Popular Cities for Millennial Homebuyers

Minneapolis, Buffalo, and San Jose are the metro areas where millennials make up the largest percentage of purchase requests

LendingTree logo (PRNewsfoto/LendingTree)

News provided by

LendingTree.com

Jan 07, 2020, 14:03 ET

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CHARLOTTE, N.C., Jan. 7, 2020 /PRNewswire/ -- LendingTree®, 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:

10 Most Popular Metros for Millennial Homebuyers - LendingTree Study
  • 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
[email protected]
704-943-8208

SOURCE LendingTree.com

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