The generation with the highest influence in the market is millennials—and, according to a new report, the cities most popular for them are in the Mid-Atlantic and Midwest.
Analysts assessed data from LendingTree about millennial mortgage inquiries and offers in the past year, determining that Buffalo, Des Moines and Pittsburgh contained the most borrowers from Generation Y. In Buffalo, millennials made 40.5 percent of LendingTree purchase requests; in Des Moines, they made 42.4 percent of requests; and in Pittsburgh, they made 41.9 percent of requests.
In addition to the top three, other cities with concentrations of millennials are (in order) Lansing, Mich., Fort Wayne, Ind., Grand Rapids, Mich., Scranton, Pa., Syracuse, N.Y., Youngstown, Ohio, and Minneapolis, Minn.
“From a housing market perspective, tight inventory is boosting prices in many markets, and millennial homebuyers must now contend with rising mortgage interest rates reducing their buying power,” says Tendayi Kapfidze, chief economist at LendingTree. “As affordability declines, borrowers should consider all the programs available to assist them in becoming homeowners, such as FHA loans.”
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