Just 5% of Mortgage Holders Are Under 30 Nationwide [New LendingTree Report]

Becoming a homeowner has always been a major milestone for Americans. In fact, many Gen Zers put off other milestones like marriage and children to buy a house first.

However, our new study of credit reports of users on the LendingTree platform found that only 3.1% of all Americans younger than 30 have a mortgage in the 50 largest U.S. metros. Here's what else we found. 

• People younger than 30 make up 4.7% of mortgage holders in the 50 largest metros, despite comprising 20.3% of the adult population in those same metros. The rate is highest in Indianapolis (where under-30s make up 10.2% of mortgage holders), Salt Lake City (9.4%), and Cincinnati (8.9%). The rate is lowest in New Orleans (2.2%), Boston (2.2%), and San Jose (2.3%).
• Prospective buyers under 30 look for houses that only cost a quarter of the average price that older prospective buyers look at. Younger buyers on the LendingTree platform looked for mortgages to purchase homes in the 50 largest metros costing an average of $92,332 in 2024. That’s 74.9% lower than the average of $367,681 from older buyers.
• Overall, people 18 to 29 owe a total of $527 billion in mortgage debt, or 4.2% of all mortgage debt. When looking at all debt owed by this age group, mortgages comprise 44.6% of it — far lower than other age groups. For example, people 30 to 39 hold $2.7 trillion, or 21.5%, in outstanding mortgage debt, comprising 68.6% of their entire debt load.

You can check out the full report here: https://www.lendingtree.com/home/mortgage/under-30-homeowners-study/

LendingTree's Chief Credit Analyst, Matt Schulz, had this to say:

"The bottom of this list includes the biggest, most expensive cities along the East and West coasts, which shouldn't be surprising. Unless you're a professional athlete, a wealthy actor or a nepo baby, how on Earth are you going to afford to buy a home in San Jose, New York, LA or Boston as a 20-something? Meanwhile, cities at the top of the list like Nashville, Indianapolis, Pittsburgh, Cincinnati and Louisville may not be as sexy as those at the bottom, but for 20-somethings looking to put down roots and own a home, those cities and their more affordable housing can be a real draw."

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