Millennials Are Leading the Homebuying Market In These Cities
Summary
Millennials are becoming a significant force in the U.S. homebuying market, especially in certain cities. A report shows that almost half of the mortgage inquiries in major metro areas came from millennials, with the highest interest in cities like San Jose and Seattle.Key Facts
- Millennials made up nearly 50% of mortgage inquiries in the 50 largest U.S. cities.
- San Jose, Seattle, and San Francisco had the highest percentage of millennial homebuyers.
- The average down payment for millennials in San Jose was $212,901, the highest among these cities.
- Millennials are drawn to tech hubs where job growth is strong.
- In Louisville, Tampa, and Jacksonville, millennials were a smaller share of homebuyers.
- First-time homebuyers have a median age of 38, according to a recent report.
- Millennial homebuying interest is high despite high home prices and mortgage rates.
- Experts suggest that higher incomes in tech-driven areas help millennials afford homes.
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