According to the Pew Research Center, millennials are defined as people born between 1981 and 1996. In fact, this growing demographic outnumbered the baby boomers (born between 1946 – 1964) for the first time in 2019. While some of you may know millennials as “Generation Y”, you may not realize that they are also the largest demographic of homebuyers in the country. So what are the most popular areas where millennials are buying homes? Lending Tree recently published a report looking at these trends. We discuss below.
Largest share of millennial buyers
When analyzing mortgages in 2022, 52.88% of all mortgage offers by Lending Tree went out to millennial homebuyers. With this said, millennials make up the majority of buyers in 37 of the 50 largest metropolitan markets across the country. As for the top 3 markets for millennial homebuyers, they were:
- #1. San Jose, CA: 63.57% of all mortgages
- #2. Denver, CO: 61.35% of all mortgages
- #3. Boston, MA: 60.59% of all mortgages
Lowest share of millennial buyers
- #1. Las Vegas, NV: 41.92% of all mortgages
- #2. Birmingham, AL: 45.95% of all mortgages
- #3. Phoenix, AZ: 46.11% of all mortgages
As for where the Florida metro markets ranked in this report, they were as follows:
- #37. Orlando, FL: 50.12% of all mortgages
- #42. Tampa, FL: 48.71% of all mortgages
- #43. Jacksonville, FL: 47.72% of all mortgages
- #47. Miami, FL: 46.90% of all mortgages
Although long thought of as a “rental generation”, many millennials have reached an age where they have started families and are looking to become homeowners. While this is welcomed news, it also comes at a time where there is still a tight inventory of homes for sale. In addition, high home prices along with higher mortgage rates and inflationary pressures are certainly providing some additional headwinds for these buyers.
Are you looking to buy or sell a home in the South Florida area? We can help. Contact Natasha at Live South Florida Realty, Inc. today! Also, be sure to download our free Florida Home Search app for your mobile device!