CHARLOTTE, N.C.–What is the top U.S. city for Millennial homebuyers?
According a new study by LendingTree, it’s Pittsburgh, followed by Washington, D.C., and Des Moines, Iowa. The average loan amount requested by Millennial borrowers in those three cities is $201,921, $381,110 and $173,439, respectively, according to LendingTree.
LendingTree said its study examined requests and offers for borrowers 35 and younger between August 1, 2016, and Feb. 1, 2017, along with requests from the total population of mortgage-seekers based on the location of the property to be mortgaged. The city rankings were then generated from the percentage of total purchase-mortgage requests LendingTree received from Millennial borrowers.
The average loan amount requested from this age group is $175,180, compared to an average of $191,157 for those over 35. The other cities that are in the top 10 for Millennial buyers: Boston, St. Louis, Minneapolis, Cincinnati, Chicago, San Francisco and Omaha.