A recent report by LendingTree analyzed mortgage requests and offers in 2020 for borrowers across the 50 largest metros. The report ranked the metros by the percentage of total purchase mortgage requests received. The report found that millennials made up at least 50% of purchase mortgage requests in most metros.
The top 5 metros ranked by millennial homebuying popularity
#1: San Jose
Share of mortgage requests: 61.8%
Average down payment: $158,040
Average requested loan amount: $704,318
#2: Boston
Share of mortgage requests: 59.1%
Average down payment: $78,062
Average requested loan amount: $416,267
#3: Denver
Share of mortgage requests: 59.1%
Average down payment: $56,937
Average requested loan amount: $354,433
#4: Minneapolis
Share of mortgage requests: 58.8%
Average down payment: $38,833
Average requested loan amount: $252,163
#5: Buffalo
Share of mortgage requests: 58.4%
Average down payment: $24,020
Average requested loan amount: $153,411
The bottom 5 metros ranked by millennial homebuying popularity
#46: Jacksonville
Share of mortgage requests: 49.6%
Average down payment: $27,116
Average requested loan amount: $207,676
#47: Miami
Share of mortgage requests: 47.2%
Average down payment: $45,501
Average requested loan amount: $282,885
#48: Phoenix
Share of mortgage requests: 46.3%
Average down payment: $35,603
Average requested loan amount: $258,161
#49: Tampa
Share of mortgage requests: 44.5%
Average down payment: $30,298
Average requested loan amount: $218,632
#50: Las Vegas
Share of mortgage requests: 42.58%
Average down payment: $37,289
Average requested loan amount: $273,496
View the report at https://www.lendingtree.com/home/mortgage/most-popular-cities-millennial-homebuyers/