"In 2024, millennials aged 28 to 43 dominated the mortgage application scene in the top 50 metros, despite a slight decrease from the previous year. The study by LendingTree highlighted millennials' significant influence in the housing market, driven by factors like stability through homeownership and improved financial access compared to younger generations."
"Millennials, particularly those in their 30s and early 40s, accounted for almost half of all mortgage applications in the top metros, showcasing their pivotal role in the housing market. Tech hubs like San Jose, CA, Seattle, and San Francisco attracted the highest shares of millennial home loan seekers due to factors like high incomes, career opportunities, and quality of life amenities. These tech-centric markets also witnessed the highest average down payments from millennials, with San Jose leading the pack with a substantial amount exceeding $200,000."
"Despite the dip in millennial mortgage applications, attributed to rising prices and interest rates, Gen Z's entrance into the housing market and preference for more affordable options"
In 2024, millennials aged 28 to 43 accounted for nearly half of mortgage applications across the top 50 metropolitan areas, marking a slight decline from the prior year. Millennial influence is driven by a search for stability through homeownership and relatively better access to credit compared with younger cohorts. Tech-focused metros such as San Jose, Seattle, and San Francisco attracted the largest shares of millennial applicants because of higher incomes, career opportunities, and lifestyle amenities. These markets recorded the largest average down payments, with San Jose exceeding $200,000. Rising prices and interest rates contributed to the dip while Gen Z begins seeking more affordable housing options.
Read at SFGATE
Unable to calculate read time
Collection
[
|
...
]