After years of seeing millennials choosing to rent in Denver, experts are finally seeing that audience electing to buy a home in the Mile High City instead. Millennials are classified as people
Millennials Deciding To Buy In Denver
After years of seeing millennials choosing to rent in Denver, experts are finally seeing that audience electing to buy a home in the Mile High City instead. Millennials are classified as people born between roughly 1981 and 1997, and according to a recent report from LendingTree, they make up more of the current home-buying market in Denver than nearly all of the 50 largest metro areas across the United States.
To develop the report, LendingTree looked at new purchase mortgage requests made between January and November 2019. In that time frame, Denver ranked fourth out of the 50 metros, with 55.3% of mortgage requests coming from millennials.
Denver had among the youngest millennials — 30.8 years old, on average — looking for mortgages, with an average credit score of 682. The average requested loan amount was $316,524 and the average down payment was $49,361.
While less expensive cities Minneapolis and Buffalo, New York, took the top two spots in the report for millennials buying homes, higher-priced market San Jose, California took the number three spot.
Other key findings from the report include:
Minneapolis, Buffalo, N.Y. and San Jose, Calif. are the metros where millennials make up the largest percentage of purchase requests. In Minneapolis, 56.2% of purchase requests came from millennials. In Buffalo, N.Y. and San Jose, Calif., the numbers are 56.1% and 55.8%, respectively.
In Tampa, Fla., Las Vegas and Miami, millennials are making fewer purchase requests. Millennials made just 40.3% of the purchase requests in Tampa, Fla., and Las Vegas, and only 43.6% of the purchase requests in Miami.
Millennial homebuyers in San Francisco, San Jose, Calif. and Los Angeles are the oldest in the study. The average age for these three areas was 31.6 years old, nearly a year older than the average 30.8 across the remaining 47 largest metros in the country.
Buffalo, N.Y., Detroit, and Minneapolis are the metros with the youngest potential millennial homebuyers. The average age for these three areas was 30.2 years old.
San Jose, Calif., San Francisco and San Diego are markets where potential millennial homebuyers had the highest average credit scores. The average credit score for these three areas combined was nearly 711. By comparison, the average credit score for millennial homebuyers across the 50 largest metros in the country was 658.
Millennials in Oklahoma City, Louisville, Ky. and Memphis, Tenn., had the lowest average credit scores. Credit scores in these three areas were 633, 632 and 625, respectively.
Have you been considering becoming a homeowner in Denver? Now it could be a great time. Contact Metrowest today – we’d be happy to show you around!
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