Millennials now make up the largest group of homebuyers in the US, choosing to take root in big cities and emerging metropolitan areas versus suburbs and small towns.
In a January 6 report, the online marketplace LendingTree ranked the 10 most popular subway areas for millennials, and surprisingly, Austin ranks in the top 10.
To determine the top metros, LendingTree analyzed mortgage purchase requests from January 1 to December 15, 2020, made on its own platform in the 50 largest metros in the country.
While LendingTree may be less wealthy than its Baby Boomer and Gen X counterparts, it cites the current record-low mortgage rates sparked by the pandemic as the reason for the new swath of millennials looking to buy a home.
“What a Lending Tree [also] Millennials (defined as those born between 1981 and 1996) were found to make up the majority of potential home buyers in most of the country’s largest metropolitan areas, “the report said.” The pandemic has affected many aspects of the US economy, including various industries and local labor markets. “
Despite a crippled hotel industry, the job market in central Texas is still considered strong, and the city attracted even more attention in 2020 when a cavalry of California celebrities moved to Austin.
Millennials make up 57.34 percent of homebuyers in the capital, making them number 8 on the popularity list. The median age for a prospective buyer on the Austin subway was 31 years, 4 months, with an average credit score of 687.
When it comes to purchasing power, Austin home buyers bring in an average of $ 47,940 in down payments and borrow an average of $ 288,461. As of December 2020, the average home price in the Austin-Round Rock area was $ 365,000. Within the city limits, that number rose to $ 433,493.
Elsewhere in Texas, Houston ranks 26th. In that city, millennials make up 53.77 percent of the people looking to buy a home, with an average age of 31 years, 7 months, and a credit score of 660. When it comes to that To fund it, young homebuyers bring an average down payment of $ 34,361 and borrow $ 231,300.
Dallas is right behind Houston in 28th place. Millennials make up 53.7 percent of Big D buyers and have an average age of 31 years and 6 months. Millennial shoppers bring an average down payment of $ 34,815 and borrow $ 245,355 to fund their investment, according to LendingTree.
San Antonio is the fourth and final Texas city on the LendingTree report. Ranked 34th, millennials make up 51.46 percent of shoppers in Alamo City and have an average age of 31 years and 7 months. When it comes to financing, buyers typically bring $ 25,867 with an average of $ 203,710.
Rounding out the top 10 largest metros by millennial popularity: San Jose, California (No. 1); Boston (No. 2); Denver (No. 3); Minneapolis (No. 4); Buffalo, New York (No. 5); San Francisco (No. 6); Salt Lake City (No. 7); Pittsburgh, Pennsylvania (No. 9); and New York City (No. 10).