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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.
FULL STORY: Millennials Lead Mortgage Applications—Including in the Nation’s Top-Priced Metro
Key takeaways
- 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 also played a role in shifting dynamics.
- The housing market in California metros like San Jose, San Francisco, and Los Angeles reflected high median list prices, driven by the concentration of high-paying jobs in tech and finance industries, encouraging millennials to invest in homeownership.
This summary has been generated with AI tools and edited by Realtor.com News & Insights editors. The full story, written and edited by Realtor.com News & Insights newsroom journalists, is linked at the top of the summary.