Housing Market 2023: Here’s Where Millennials Are Buying Homes Throughout the US
The United States is currently experiencing a significant shift in its housing market dynamics, according to MoneyTalksNews. A generation that has long been characterized as renters is now making its mark on the real estate landscape. In the MoneyTalksNews analysis, the millennial generation was approximated as being ages 25-44 as of 2022 — the combination of the 25-34 and 35-44 age cohorts.
See: More Americans Can Afford To Buy a Home in These 20 Cities
Find: 5 Reasons the Housing Market is Reversing
From bustling cities to serene suburbs, millennials are redefining the map of homebuying in the United States.
1. San Jose-Sunnyvale-Santa Clara, CA
Millennial share of home purchase loans: 74.4%.
Total millennial home purchase loans: 10,112.
Median loan amount: $1,065,000.
This Silicon Valley tech hub offers high-paying job opportunities, making it an attractive destination for tech-savvy millennials. The desire to live and work near major tech companies like Apple, Google, and Facebook is a significant factor driving home purchases in this area.
2. Seattle-Tacoma-Bellevue, WA
Millennial share of home purchase loans: 70.6%.
Total millennial home purchase loans: 31,416.
Median loan amount: $615,000.
Seattle’s booming job market, particularly in technology and healthcare sectors, has led to a surge in millennial homeownership. The city’s vibrant culture, beautiful landscapes and presence of tech giants like Amazon contribute to its popularity among young homebuyers.
3. San Francisco-Oakland-Berkeley, CA
Millennial share of home purchase loans: 70.6%.
Total millennial home purchase loans: 24,698.
Median loan amount: $875,000.
San Francisco’s proximity to Silicon Valley, rich cultural scene and stunning views make it a prime choice for millennials. Despite the high housing costs, many are willing to invest in the city’s real estate market due to career opportunities and lifestyle benefits.
4. Austin-Round Rock-Georgetown, TX
Millennial share of home purchase loans: 70.5%.
Total millennial home purchase loans: 24,505.
Median loan amount: $425,000.
Austin’s thriving tech scene, lower cost of living compared to tech hubs on the coasts, and vibrant music and cultural scene make it an appealing destination for millennials seeking career growth and a high quality of life.
5. Denver-Aurora-Lakewood, CO
Millennial share of home purchase loans: 67.4%.
Total millennial home purchase loans: 27,521.
Median loan amount: $495,000.
Denver offers millennials a blend of outdoor recreational opportunities, a booming job market and a more affordable housing market compared to some coastal cities. The city’s commitment to sustainability and its strong sense of community also appeal to this generation.
6. Salt Lake City, UT
Millennial share of home purchase loans: 67.1%.
Total millennial home purchase loans: 8,355.
Median loan amount: $455,000.
Salt Lake City’s robust job market, access to outdoor activities, and affordable housing options are major draws for millennials. The city’s growing tech sector and quality of life contribute to its popularity.
7. Boston-Cambridge-Newton, MA-NH
Millennial share of home purchase loans: 67.0%.
Total millennial home purchase loans: 27,977.
Median loan amount: $515,000.
Boston’s concentration of world-renowned universities and hospitals, along with a diverse job market, attracts millennials looking for career advancement and educational opportunities. The city’s rich history and cultural scene are added bonuses.
8. Buffalo-Cheektowaga, NY
Millennial share of home purchase loans: 65.5%.
Total millennial home purchase loans: 5,378.
Median loan amount: $215,000.
Buffalo offers affordable housing and a sense of community that appeals to millennials seeking a more laid-back lifestyle. The city’s proximity to the Great Lakes and its growing healthcare and technology sectors contribute to its attractiveness.
9. Philadelphia-Camden-Wilmington, PA-NJ-DE-MD
Millennial share of home purchase loans: 65.4%.
Total millennial home purchase loans: 34,434.
Median loan amount: $325,000.
Philadelphia’s rich history, diverse job opportunities, and relatively affordable housing market make it an appealing choice for millennials. The city’s vibrant neighborhoods and cultural attractions also contribute to its popularity.
10. Minneapolis-St. Paul-Bloomington, Minnesota-Wisconsin
Millennial share of home purchase loans: 65.4%.
Total millennial home purchase loans: 29,552.
Median loan amount: $325,000.
The Twin Cities offer a balance between career opportunities, affordability, and a high quality of life. Millennials are attracted to the region’s strong job market, education options, and recreational activities.
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This article originally appeared on GOBankingRates.com: Housing Market 2023: Here’s Where Millennials Are Buying Homes Throughout the US
