When it comes to Millennials seeking homeownership, Pittsburgh is the hottest market for this young property buyers.
According to a new study by LendingTree
, Pittsburgh topped the list of major markets where Millennials are looking to buy a home, with 48.4 percent of all purchase mortgage requests coming this demographic. Washington, D.C. was the second most popular market, with 46.8 percent of all purchase mortgage requests generated by Millennials, and Des Moines, Iowa, was in third place at 46.4 percent. The average home loan amounts sought by Millennials in those markets were $201,921, $381,110 and $173,439, respectively.
As for the largest home loan requests, San Francisco’s Millennials sought out the highest priced mortgages, averaging $528,761. And despite that princely sum, the city recorded 44.3 percent of home loan requests coming from Millennials.
“Thanks to a stronger jobs market and overall economy, the 35-and-under crowd is growing up,” said Doug Lebda, CEO of LendingTree. “Although millennials have been slow to the real estate market, the appeal of homeownership remains strong, and we’re beginning to see more activity with this generation. Rising home prices and high student loan debt are still affecting the purchase power of millennials, but as more student debt is repaid and the jobs market improves, we’re likely going to see more young buyers in this spring home buying season than in previous years.”