- Millennials are expected to be a driving force behind the US housing market in 2020.
- A recent LendingTree report looked at the most popular cities where millennials are looking to buy a home.
- Of the top 10 most popular cities, most are located in the north and midwest, with one in the south and a few out west.
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Millennials are expected to drive the US housing market in 2020.
But where exactly are they looking to put down their roots? Look no further for an answer than LendingTree’s most recent report, which ranked the most popular cities for millennial homebuyers.
It analyzed 2019 LendingTree data on mortgage requests and offers for borrowers aged 23 to 38 across the 50 largest US metro areas, as well as requests from the total population of mortgage seekers.
It then ranked the cities based on the percentage of total homebuying requests LendingTree received from millennial borrowers. Note that this indicates millennials who inquired about a mortgage loan; not all of these millennials actually purchased a home.
Of the top 10 most popular cities, most are located in the north and midwest, with one in the south and a few out west.
Below, see the top 30 most popular cities where at least half of those looking to buy homes are millennials.
30. Portland, Oregon: 50.1% of homebuying requests were made by millennials.
Average down payment: $44,110
Average requested loan amount: $282,779
29. Louisville, Kentucky: 50.5% of homebuying requests were made by millennials.
Average down payment: $20,955
Average requested loan amount: $156,768
28. Oklahoma City, Oklahoma: 50.6% of homebuying requests were made by millennials.
Average down payment: $21,067
Average requested loan amount: $158,874
T27. Dallas, Texas: 51.1% of homebuying requests were made by millennials.
Average down payment: $31,102
Average requested loan amount: $217,331
T27. Nashville, Tennessee: 51.1% of homebuying requests were made by millennials.
Average down payment: $33,358
Average requested loan amount: $226,921
T25. Columbus, Ohio: 51.2% of homebuying requests were made by millennials.
Average down payment: $25,556
Average requested loan amount: $172,571
T25. Richmond, Virginia: 51.2% of homebuying requests were made by millennials.
Average down payment: $27,663
Average requested loan amount: $207,891
T23. Houston, Texas: 51.5% of homebuying requests were made by millennials.
Average down payment: $30,399
Average requested loan amount: $207,343
T23. Indianapolis, Indiana: 51.5% of homebuying requests were made by millennials.
Average down payment: $22,422
Average requested loan amount: $163,752
21. New York, New York: 51.8% of homebuying requests were made by millennials.
Average down payment: $69,490
Average requested loan amount: $353,801
20. Washington DC: 20.8% of homebuying requests were made by millennials.
Average down payment: $51,192
Average requested loan amount: $336,290
19. San Francisco, California: 52.1% of homebuying requests were made by millennials.
Average down payment: $139,071
Average requested loan amount: $613,407
T18. Seattle, Washington: 52.6% of homebuying requests were made by millennials.
Average down payment: $63,723
Average requested loan amount: $374,810
T18. Hartford, Connecticut: 52.6% of homebuying requests were made by millennials.
Average down payment: $28,002
Average requested loan amount: $189,284
T18. Cincinnati, Ohio: 52.6% of homebuying requests were made by millennials.
Average down payment: $21,979
Average requested loan amount: $155,775
15. Boston, Massachusetts: 52.7% of homebuying requests were made by millennials.
Average down payment: $62,335
Average requested loan amount: $349,871
14. Kansas City, Missouri: 52.8% of homebuying requests were made by millennials.
Average down payment: $30,514
Average requested loan amount: $167,005
13. Chicago, Illinois: 52.9% of homebuying requests were made by millennials.
Average down payment: $33,612
Average requested loan amount: $213,433
12. Cleveland, Ohio: 53% of homebuying requests were made by millennials.
Average down payment: $19,769
Average requested loan amount: $137,775
11. Philadelphia, Pennsylvania: 53.5% of homebuying requests were made by millennials.
Average down payment: $32,124
Average requested loan amount: $200,803
10. Detroit, Michigan: 53.7% of homebuying requests were made by millennials.
Average down payment: $23,846
Average requested loan amount: $156,582
T9. St. Louis, Missouri: 53.8% of homebuying requests were made by millennials.
Average down payment: $20,507
Average requested loan amount: $152,258
T9. Austin, Texas: 53.8% of homebuying requests were made by millennials.
Average down payment: $40,571
Average requested loan amount: $252,590
7. Milwaukee, Wisconsin: 54.3% of homebuying requests were made by millennials.
Average down payment: $25,700
Average requested loan amount: $177,412
6. Pittsburgh, Pennsylvania: 54.5% of homebuying requests were made by millennials.
Average down payment: $21,663
Average requested loan amount: $144,414
5. Salt Lake City, Utah: 54.9% of homebuying requests were made by millennials.
Average down payment: $39,071
Average requested loan amount: $264,275
4. Denver, Colorado: 55.3% of homebuying requests were made by millennials.
Average down payment: $49,361
Average requested loan amount: $316,524
3. San Jose, California: 55.8% of homebuying requests were made by millennials.
Average down payment: $148,098
Average requested loan amount: $637,201
2. Buffalo, New York: 56.1% of homebuying requests were made by millennials.
Average down payment: $20,777
Average requested loan amount: $137,739
1. Minneapolis, Minnesota: 56.2% of homebuying requests were made by millennials.
Average down payment: $31,812
Average requested loan amount: $219,590