Millennials are migrating north
The hottest housing markets might be in the south, but Millennials are gravitating up north.
In a study from LendingTree, it was revealed that a significant number of Millennials are seeking homeownership in Minneapolis; Buffalo, New York; and San Jose, California.
In fact, 56.2% of purchase requests in Minneapolis were from Millennials. That generation also made 56.1% of the requests in Buffalo and 55.8% of the requests in San Jose.
Further south, there are fewer purchase requests made by Millennials.
Although Zillow suggests that southern markets are expected to outperform other national markets this year, LendingTree suggests Millennials are going to do the opposite.
In Tampa, Florida and Las Vegas, only 40.3% of purchase requests were made by Millennials, and 43.6% in Miami.
According to the study, the older end of the Millennial generation bought more homes in San Francisco, San Jose and Los Angeles. The average age in these metros was 31.6-years-old, which is about a year older than the national average of 30.8-years-old.
The average age of Millennial homebuyers in Buffalo, Detroit and Minneapolis is on the younger end of the generation, at 30.2-years-old.
Meanwhile, in San Jose, San Francisco and San Diego, potential Millennial homebuyers had the highest average credit score, rounding out at nearly 711. The average credit score for Millennial homebuyers nationwide was 658.
The lowest average credit score was found in Oklahoma City, Louisville, Kentucky and Memphis, Tennessee, where they were 633, 632 and 625, respectively.
LendingTree found that the biggest challenge Millennial homebuyers faced was having enough money for a down payment and having a good credit history.
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