10 most popular urban housing markets for millennials
March 25, 2022
Millennials are in their prime home buying years, but several factors hinder their homeownership goals.
The age group, defined by the Pew Research Center as those born between 1981-96 or ages 25 to 40, only makes up 43% of homeowners, the lowest homeownership rate of any generation, according to a Legal & General survey. Millennials are spending the highest percentage of monthly income on homeownership costs compared to other generations, Hometap found. Student loans also weigh heavily, with a third of college-educated people saying the debt greatly impacts their home buying capacity.
LendingTree analyzed nearly 480,000 mortgages given to millennial borrowers in the nation’s 50 largest metros in 2021 and ranked the cities where lenders were offering the largest share of mortgages to that age group. Local mortgage experts told National Mortgage News about what makes these cities millennial magnets.
This article originally appeared on National Mortgage News. Read the full article here.