Millennials are choosing to plant roots in Salt Lake City, Minneapolis, and Pittsburgh at higher rates than in any other of the nation’s 50 largest metro areas, according to a new report by online marketplace LendingTree, which analyzed mortgage requests from January to November. “While millennials are often stereotyped as adolescents, the reality is that this generation is well into adulthood, with most between their early 20s and mid-30s,” according to the study. “This means that many of them are actively pursuing careers, having children, and buying homes.”
In Salt Lake City, millennials made the majority of total purchase requests—51 percent—between Jan. 1 and Nov. 25 last year. In Minneapolis and Pittsburgh, the percentage was 48 percent, according to the study. On the other hand, the fewest mortgage requests from millennials during the same time period were in Tampa, Fla., Las Vegas, and Miami. Only 30 percent of purchase requests in Tampa came from millennials. Tampa represents the lowest share of millennial mortgage requests among the 50 largest metro areas analyzed.
Researchers also found that in San Jose, Calif., San Francisco, and New York, millennials tend to have the longest wait to purchase a home. The average age for these three cities to buy was 29.6 years old compared to the national average of 28.7 years old.