CHARLOTTE, N.C., March 16, 2017 /PRNewswire/ -- Millennials
in Pittsburgh, Washington D.C., and Des Moines, are pursuing home ownership more
than their counterparts in any of the nation's 100 largest cities,
according to a new study by LendingTreeĀ®, the nation's leading
online loan marketplace. These young homebuyers are at the
forefront of a growing nationwide trend of young buyers returning
to the housing market.
LendingTree analyzed mortgage requests and offers for borrowers
aged 35 years and under between August 1,
2016 and February 1, 2017,
along with requests from the total population of mortgage-seekers
based on the location of the property to be mortgaged. The
city rankings are generated from the percentage of total purchase
mortgage requests received by LendingTree from borrowers in the
millennial generation.
Pittsburgh, PA tops the list
with 48.4% of all purchase mortgage requests coming from
millennials, followed by Washington,
D.C. (46.8%) and Des Moines,
IA. (46.4%). The average loan amount requested by
young borrowers in those cities are $201,921, $381,110
and $173,439, respectively.
On average, 36.1% of all mortgage requests through LendingTree
between August 1, 2016 and
February 1, 2017 come from consumers
35 years and younger. This is a slight increase from the same
period last year, where 34.24% of loan requests came from
millennials. The average loan amount requested from this age group
is $175,180, compared to an average
of $191,157 for those over
35.
"Thanks to a stronger jobs market and overall economy, the
35-and-under crowd is growing up," said Doug Lebda, CEO of LendingTree. "Although
millennials have been slow to the real estate market, the appeal of
homeownership remains strong, and we're beginning to see more
activity with this generation. Rising home prices and high student
loan debt are still affecting the purchase power of millennials,
but as more student debt is repaid and the jobs market improves,
we're likely going to see more young buyers in this spring home
buying season than in previous years."
While San Francisco millennials
once again signed on for the highest average mortgage loan amount
in the country ($528,761), the city
also sees a relatively large percent of home loan requests coming
from millennials (44.3%), underscoring the fact that San Francisco is home to both an abundance of
top-earning young professionals and extremely high housing
costs.
Millennials in Ohio are seeking
the most affordable mortgages, with Toledo, Akron, Lakewood and Dayton claiming four of the top ten cities
with the lowest average mortgage amounts for the age group. On the
other hand, California is host to
four of the ten cities with the highest average mortgage amount:
San Francisco, San Jose, Los
Angeles and San Diego.
The chart below ranks the top ten cities with the highest
percentage of purchase mortgage requests submitted by consumers no
older than 35 years of age:
RANK
|
City
|
Millennial
% Of
Total
Requests
|
Millennial
Avg Mortgage
Amount
|
Millennial
Avg Monthly
Payment
|
Millennial
Avg Down
Payment
|
Total Avg
Mortgage
Amount
|
Total Avg
Monthly
Payment
|
Total Avg
Down
Payment
|
1
|
Pittsburgh,
PA
|
48.4%
|
$201,921.20
|
$991.60
|
$33,963.72
|
$213,236.55
|
$1,044.47
|
$47,766.16
|
2
|
Washington,
DC
|
46.8%
|
$381,109.72
|
$1,855.50
|
$83,461.28
|
$394,768.74
|
$1,919.24
|
$97,201.74
|
3
|
Des Moines,
IA
|
46.4%
|
$173,439.39
|
$868.30
|
$25,878.79
|
$186,074.07
|
$929.38
|
$42,554.23
|
4
|
Boston, MA
|
45.8%
|
$410,504.06
|
$1,988.85
|
$88,876.65
|
$399,061.78
|
$1,939.79
|
$100,112.71
|
5
|
Saint Louis,
MO
|
44.8%
|
$189,499.26
|
$950.81
|
$32,242.21
|
$215,774.46
|
$1,077.11
|
$49,657.54
|
6
|
Minneapolis,
MN
|
44.7%
|
$226,158.13
|
$1,109.16
|
$40,572.73
|
$230,035.47
|
$1,138.59
|
$47,100.00
|
7
|
Cincinnati,
OH
|
44.6%
|
$173,904.70
|
$882.24
|
$25,575.72
|
$190,127.95
|
$954.05
|
$37,213.88
|
8
|
Chicago,
IL
|
44.4%
|
$273,375.89
|
$1,351.78
|
$59,480.14
|
$263,723.87
|
$1,306.82
|
$61,906.75
|
9
|
San Francisco,
CA
|
44.3%
|
$528,760.74
|
$2,614.03
|
$160,400.55
|
$497,802.92
|
$2,452.78
|
$144,979.96
|
10
|
Omaha, NE
|
44.3%
|
$192,215.45
|
$956.71
|
$29,637.38
|
$211,689.19
|
$1,045.44
|
$42,510.95
|
To download the full chart, please visit LendingTree's press
room:
https://www.lendingtree.com/press-room/press-releases
About LendingTree
LendingTree (NASDAQ: TREE) is the nation's leading online loan
marketplace, empowering consumers as they comparison-shop across a
full suite of loan and credit-based offerings. LendingTree
provides an online marketplace which connects consumers with
multiple lenders that compete for their business, as well as an
array of online tools and information to help consumers find the
best loan. Since inception, LendingTree has facilitated more than
65 million loan requests. LendingTree provides free monthly credit
scores through My LendingTree and access to its network of over 450
lenders offering home loans, personal loans, credit cards, student
loans, business loans, home equity loans/lines of credit, auto
loans and more. LendingTree, LLC is a subsidiary of LendingTree,
Inc. For more information go to www.lendingtree.com, dial
800-555-TREE, like our Facebook page and/or follow us on Twitter
@LendingTree.
MEDIA CONTACT:
Megan Greuling
Megan.Greuling@LendingTree.com
704-943-8208
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/where-are-the-nations-young-homebuyers-now-pittsburgh-dc-and-des-moines-300424608.html
SOURCE LendingTree