The real estate market throughout much of the nation is booming. Older millennials now account for the largest percentage of home buyers (almost one-third of mortgage requests last year) and the ‘largest single-age population in the U.S. is 27-year-olds’ which means that number is only going to grow in the next few years.
The website LendingTree.com conducted an exhaustive study to see where millennials are buying homes (and where they aren’t buying houses). They looked at all mortgage requests between February 1, 2017 and February 1, 2018 for people under the age of 35. They then looked at the 100 largest metropolitan areas in America to see where millennials are buying houses and where they aren’t…As it turns out, the place I live (Sarasota, FL) ranks dead last, 100 out of 100, on the list of where millennials are buying homes.
Let’s look at the bottom 10 cities for millennial homebuyers first and then we can look at the top 10. The number next to the city is the % of total home purchase requests by people under the 35.
100: Sarasota, FL – 17.9%
99: Fort Myers, FL – 19.8%
98: Honolulu, HI – 21.8%
97: Palm Bay, FL – 22.3%
96: Las Vegas, NV – 22.9%
95: Lakeland, FL – 24.1%
94: Tucson, AZ – 24.8%
93: Reno, NV – 24.9%
92: Tampa, FL – 25.2%
91: Albuquerque, NM – 25.4%
That’s a pretty steep dropoff from #91 to #100…And it’s remarkable to see how millennials truly DGAF about living in Florida.
Here’s what the list of the top 10 cities in America for millennial homebuyers looks like:
1. Des Moines, Iowa – 42.4%
2. Pittsburgh, PA – 41.9%
3. Buffalo, NY – 40.5%
4. Lansing, MI – 40.0%
5. Fort Wayne, IA – 39.2%
6. Grand Rapids, MI – 39.0%
7. Scranton, PA – 38.9%
8. Syracuse, N& – 38.9%
9. Youngstown, OH – 38.6%
10. Minneapolis, MN – 38.4%
Nearly 42% of homebuyer requests last year in Pittsburgh were from people under the age of 35. That’s pretty remarkable when you look at the numbers above where a fraction of that % is buying homes in Florida.
You can see the entire list of all 100 cities by following that link to Lending Tree</em<.
