Millennials purchased 36 percent of homes last year, which is the highest share of any age group, according to the National Association of REALTORS®. But faced with one of the tightest, most competitive housing markets in years, they’re being pushed out of some of the the nation’s largest and priciest cities.
Therefore, young home shoppers are relocating to more affordable parts of the country. Realtor.com® identified cities with the highest percentage of mortgages issued to millennials, a generation defined as those born between 1981 and 1996. The following markets had the highest share of millennial mortgages:
1. Appleton, Wis.
- Median home list price: $150,000
- Percentage of mortgages to millennials: 57%
2. Des Moines, Iowa
- Median home list price: $294,000
- Percentage of mortgages to millennials: 56.9%
3. Utica, N.Y.
- Median home list price: $139,500
- Percentage of mortgages to millennials: 56.8%
4. Provo, Utah
- Median home list price: $376,700
- Percentage of mortgages to millennials: 56.5%
5. Duluth, Minn.
- Median home list price: $175,000
- Percentage of mortgages to millennials: 56.3%
6. Lafayette, La.
- Median home list price: $210,100
- Percentage of mortgages to millennials: 56.3%
7. Lancaster, Pa.
- Median home list price: $275,000
- Percentage of mortgages to millennials: 56%
Source: “Forget SF, Goodbye NYC! You Won’t Believe the New Millennial Magnets for Home Buyers,” realtor.com® (April 30, 2018)
