The journey to homeownership can be challenging, especially for younger generations like millennials. However, they still make up the largest share of homebuyers in the U.S., according to an analysis from Lending Tree.
The study also showed where millennials are looking to buy homes and multiple cities from California were ranked within the top 10, even though it can be costly to purchase a home in the Golden State.
Researchers analyzed mortgage offers across the country’s 50 largest metros from Jan.1 through Dec.1, 2022, to determine the ranking.
The top 10 popular U.S. cities for millennial homebuyers
Homes in San Jose, San Francisco, San Diego and Los Angeles can be very expensive. The average prices of homes in the area are well into the six-figure and sometimes seven-figure range, according to Redfin.
For example, in Los Angeles, the average price is $913,000, while in San Francisco, the average price is $1.3 million.
In San Jose, the top-ranking location for millennial homebuyers, the down payment is $144,942.
The study also revealed the least popular place where millennial homebuyers are looking for homes.
The top 10 least popular U.S. cities for millennial homebuyers:
- Las Vegas, Nevada
- Birmingham, Alabama
- Phoenix, Arizona
- Miami, Florida
- Memphis, Tennessee
- Riverside, California
- Virginia Beach, Virginia
- Jacksonville, Florida
- Tampa, Florida
- Cincinnati, Ohio
The average cost of a home in Las Vegas is $382,000, according to Redfin data.