![54% of Mortgage Offers Went to Millennial Homebuyers in 2023 [New LendingTree Report]](https://realtytimes.com/images/k2/18af2cf0b3ad0526d3a94c161a7568f6.jpg)
Though it may sometimes seem as if millennials are destined to rent or live in their parents’ basements forever, members of the generation are among the most influential in the housing market.
To highlight where millennials are looking to buy, LendingTree analyzed mortgage offers given to users of our online shopping platform across the nation’s 50 largest metropolitan areas in 2023. We found that millennials received at least 50% of mortgage offers made in most of the country’s largest metros. Here's what else we found.
- Across the nation’s 50 largest metros, 53.85% of mortgage offers in 2023 went to millennials. Millennials received more than 50% of all offered mortgages in 35 of the nation’s 50 largest metros.
- Millennials made up the largest share of potential homebuyers in San Jose, Calif., San Francisco and Boston. In San Jose, 64.75% of mortgages in 2023 were offered to millennials.
- Millennials in Las Vegas, Phoenix and Tampa, Fla., made up the smallest share of potential buyers — though still substantial. In Las Vegas, 40.76% of mortgage offers in 2023 went to millennials.
- Offered loan amounts were largest in San Jose, San Francisco and Los Angeles. Loan amounts in these three metros in 2023 were $785,391, $731,062 and $627,322, respectively. Conversely, at $242,220, $268,484 and $268,900, average loan amounts offered in Buffalo, N.Y., Cleveland and Louisville, Ky., were the smallest.
You can check out our full report here: https://www.lendingtree.com/home/mortgage/most-popular-cities-millennial-homebuyers/
LendingTree's Senior Economist and report author, Jacob Channel, had this to say:
"Even though they typically aren’t as financially well off as members of older generations are, this doesn’t mean that most millennials are destitute. On the contrary, despite the very real economic challenges that many members of the generation have to face, millennials are still making significant financial headway in various arenas, including homeownership."
