There are a lot of obstacles for millennials wanting to own a house, but they still make up the most important proportion of home buyers within the US
A recent study with Loan tree analyzed mortgage offers within the country’s 50 largest metropolises between January 1 and December 1, 2022, to pinpoint where Millennials – defined as those born between 1981 and 1996 – need to shop.
The study found that in america, on average, 53.88% of mortgage offers went to millennials. In 37 of the country’s 50 largest metropolises, millennials make up the vast majority of buyers.
(*10*)Top 10 U.S. cities for millennial homebuyers
- San Jose, California
- Denver, Color.
- Boston, Mass.
- Seattle, Wash.
- Austin, Texas
- San Francisco, California
- Recent York, NY
- San Diego, California
- Los Angeles, California
- Washington
In San Jose, which topped the list, 63.57% of mortgages were offered to millennials. The common age was 33.01 years.
Based on real estate.comHousing Index, homes for sale in San Jose have a median asking price of $1.2 million and spend a mean of 36 days available on the market.
Based on LendingTree, the typical advance payment amongst millennials was $144,942.
San Jose is an excellent destination for millennials because it is near San Francisco and Silicon Valley.
Homes in Denver, Colorado, sold at a mean price of $560,000 in February 2023.
Walter Bibikow | Getty’s paintings
Denver is the second most popular city for millennials buying homes. The share of mortgages offered to millennials was 61.35%, and the typical age of buyers in the town is 32.23 years.
In February 2023, homes in Denver were selling for a mean price of $560,000. On average, homes sell after 26 days available on the market, up from five days last yr redfin.
The common advance payment amongst Denver millennials was $74,477.
Boston rounds out the highest three. Based on the Lending Tree study, the share of mortgages offered to millennials last yr was 60.59%, and the typical age was 32.38 years.
Boston provides millennial homeowners with proximity to several prestigious universities, including Harvard and the Massachusetts Institute of Technology, which proceed to rank amongst the perfect colleges within the U.S.
The median home value in Boston is $610,400, in comparison with the national average of $244,900. Area of interest.
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