Remember when housing industry experts worried that Millennials weren’t buying single-family homes and were instead content to rent? Those fears seem to have been unfounded. Millennials are getting older now, and many are ditching the multifamily life and moving to single-family homes.
And, according to recent research from LendingTree, many of these Millennials are buying homes in Minneapolis.
In early January, LendingTree released a report looking at where Millennials are buying. The company found that Minneapolis is the metro area that is most popular among Millennial home buyers.
This shouldn’t be surprising. If you want to understand why Millennials like Minneapolis, just look at the city’s commercial real estate market. Eclectic restaurants, entertainment venues, sporting facilities and retail is all strong in the heart of Minneapolis. This makes the city an attractive place for young – or youngish – adults.
According to LendingTree’s research, 56.2 percent of mortgage requests on the company’s site from January to November of 2019 came from Millennials. That’s the highest percentage of any metropolitan area in the United States.
LendingTree said that the average age of Millennials making these requests was 30.4 years. These Millennials had an average credit score of 672 and made an average down payment of $31,812. Millennials working with LendingTree during this period requested an average mortgage loan amount of $219,590.