"The under-35 crowd had been, for some years, hesitant to enter the housing market, but we're seeing that start to shift," said Doug Lebda, CEO of LendingTree, in a press release. "The data all points to the fact that millennials are increasingly eager to own rather than rent, and even the incredibly high real estate prices in some markets don't necessarily deter them."
Case in point: Boston, one of the priciest cities to buy a home, topped LendingTree's ranking, which was created by looking at the percentage of home-loan requests being made by people under 35 in 59 major US cities.
Here, we've highlighted the cities that cracked the top 10, the average age of these young buyers, and the average down payment and monthly payment they're making, all from LendingTree.
10. Rochester, New York
Average age of buyer: 30
Average down payment: $24,600
Average monthly payment: $790
Percentage of mortgage requests from borrowers under 35: 44.5%
9. Omaha, Nebraska
Average age of buyer: 28
Average down payment: $21,400
Average monthly payment: $1,030
Percentage of mortgage requests from borrowers under 35: 44.6%
8. Milwaukee, Wisconsin
Average age of buyer: 29
Average down payment: $22,500
Average monthly payment: $960
Percentage of mortgage requests from borrowers under 35: 45.1%
7. Chicago, Illinois
Average age of buyer: 30
Average down payment: $44,600
Average monthly payment: $1,480
Percentage of mortgage requests from borrowers under 35: 45.5%
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6. Columbus, Ohio
Average age of buyer: 29
Average down payment: $26,200
Average monthly payment: $970
Percentage of mortgage requests from borrowers under 35: 45.6%
5. Minneapolis, Minnesota
Average age of buyer: 29
Average down payment: $28,700
Average monthly payment: $1,140
Percentage of mortgage requests from borrowers under 35: 47.3%
4. Des Moines, Iowa
Average age of buyer: 29
Average down payment: $17,700
Average monthly payment: $790
Percentage of mortgage requests from borrowers under 35: 48.1%
3. Washington, DC
Average age of buyer: 30
Average down payment: $69,300
Average monthly payment: $2,010
Percentage of mortgage requests from borrowers under 35: 48.2%
2. Pittsburgh, Pennsylvania
Average age of buyer: 29
Average down payment: $21,800
Average monthly payment: $930
Percentage of mortgage requests from borrowers under 35: 49.0%
1. Boston, Massachusetts
Average age of buyer: 28
Average down payment: $56,900
Average monthly payment: $1,910
Percentage of mortgage requests from borrowers under 35: 52.5%
