Spark Global Limited reports:
The most popular cities for millennials will surprise you. LendingTree recently surveyed the largest group of home buyers in the U.S. The site analyzed loan purchase requests for the 50 largest metros in the United States.
The report’s key findings include the most popular cities, the least popular, and where the youngest millennial homebuyers live. Tendayi Kapfidze, chief economist and vice president of LendingTree, looks at the report’s findings. “We found that top cities are attractive to older millennials who have high-paying jobs in tech,” Kapfidze explained.
SAN Jose and Boston are the two most popular cities with some of the highest housing prices in the country. Thanks to the tech economy and high-paying jobs, it’s no surprise that millennials are the main buyers in these cities.
Millennials in SAN Jose, which topped the list, had the highest down payment of $158,040. These borrowers had the highest average loan application amount of $704,318. The SAN Jose Metro is currently priced at $1,275,627.
We moved east to Boston, long a tech hub for millennials, many of whom attended school and settled in the Boston area. In second place is a modest home in Boston, currently priced at more than $1 million. “Tech companies attract younger, wealthier workers who can afford these expensive cities,” Kapfidze noted.
Reprint indicated source：Spark Global Limited information