Skip to main content

Where Do You Find the Homebuying Millennials?

Phil Hall
Mar 01, 2017
When it comes to homebuying, Millennials favor downpayments of three percent or less, according to a new survey released by NAMB—The Association of Mortgage Professionals

For those wondering where the Millennials are living, a new report from Zillow estimated that almost half of this demographic are living in the suburbs—and the majority stay in the same location when they buy a home.
According to Zillow, Millennials made up 42 percent of homebuyers last year, more than any other generation, and most of these youthful property seekers were buying a home for the first time. Zillow determined that almost 50 percent of Millennial homeowners live in the suburbs, while 33 percent live in an urban neighborhood and 20 percent live in a rural area. Of the Millennial buyers who moved in the past year, 64 percent stayed in the same city while only seven percent moved to a different state.
As for the concept of new homebuyers aiming for the traditional starter home, Zillow found that Millennials are spending $217,000 for a home that is about 1,800 square feet, which similar in size to the homes being sought by older generations. And a few markets have a surplus of Millennials: almost 30 percent of the population in San Diego and Austin while over 25 percent of the population in Los Angeles, San Antonio and Columbus, Ohio, consist of Millennials.
"Millennials have delayed home buying more than earlier generations, but don't underestimate their impact on the housing market now that they're buying," said Jeremy Wacksman, Zillow Group chief marketing officer. "As members of this huge generation start moving into the next stage of life, expect the homeownership rate to tick up and suburbs to change to suit their urban tastes. We're constantly learning about this young group of home buyers—we're finding that they are more similar to older generations than many thought. Their views on community and homeownership are pretty traditional, and they don't all fit the urban stereotype you might have in your head."
Supreme Court Gives Biden Full Control Over Federal Housing Finance Agency

The U.S. Supreme Court gave President Joe Biden the authority to remove the head of the Federal Housing Finance Agency (FHFA) while dismissing claims from shareholders of Fannie Mae and Freddie Mac.

Industry News
Jun 23, 2021
Ocwen Financial To Acquire Reverse Mortgage Servicing Platform

Ocwen Financial Corporation's wholly-owned subsidiary, PHH Mortgage Corporation will acquire RMS' reverse mortgage servicing platform.

Industry News
Jun 18, 2021
UniteCT Emergency Rental Assistance Succeeds

Thanks to the successful launch of the UniteCT program, emergency rental assistance funds are helping Connecticut residents maintain housing.

Industry News
Jun 17, 2021
Angel Oak Mortgage Announces Initial Public Offering

Angel Oak Mortgage announced its initial public offering of 7,200,000 shares of its common stock at $19 per share.

Industry News
Jun 17, 2021
Mortgage Apps Rebound After Three Consecutive Weeks Of Declines

The Mortgage Bankers Association reported the first increase in mortgage applications after a three consecutive weeks on declines.

Industry News
Jun 17, 2021
CFPB New Rule Prevents Predatory Lending To Military Service Members

The CFPB stipulates its authority to examine supervised financial institutions for risk to active duty servicemembers and their dependents.

Industry News
Jun 16, 2021