There are many obstacles for millennials who want to own a home, but they still make up the largest share of homebuyers in the U.S.
A recent study from LendingTree analyzed mortgage offers across the country’s 50 largest metros from Jan. 1 through Dec. 1, 2022, to highlight where millennials — defined as those born between 1981 and 1996 — are looking to buy.
The study found that across the United States, an average of 53.88% of mortgage offers went to millennials. In 37 of the country’s 50 largest metros, millennials make up the majority of buyers.
10 most popular U.S. cities for millennial homebuyers
- San Jose, Calif.
- Denver, Colo.
- Boston, Mass.
- Seattle, Wash.
- Austin, Texas
- San Francisco, Calif.
- New York, N.Y.
- San Diego, Calif.
- Los Angeles, Calif.
- Washington, D.C.
In San Jose, which topped the list, 63.57% of mortgages were offered to millennials. The average age was 33.01 years old.
Based on Realtor.com’s housing index, homes for sale in San Jose have a median listing price of $1.2 million and spend an average of 36 days on the market.
The average down payment among millennials was $144,942, according to LendingTree.
San Jose is ideally placed for millennials since it’s close to San Francisco and Silicon Valley.
