Millennials account for the largest share of homebuyers, more than older — and wealthier — generations, according to a study of mortgage applications by personal finance site LendingTree.
In the D.C. metro area, millennial buyers made up 54.7% of all buyers between Jan. 1 and Dec. 31, 2020. That places the D.C. area No. 18 among the 50 largest areas.
The oldest millennials are turning 40 this year, but the youngest are still in their mid-20s. The average age of a millennial buyer in the region last year was 32.
The average purchase price for a millennial buyer in the D.C. area last year was $385,000. The average down payment was just shy of $60,000, or 15.5%.
Despite being one of the most expensive housing markets in the country, San Jose, California, had the highest share of millennial buyers last year. LendingTree reports almost 62% of buyers in San Jose last year were between 25 and 40 years old.
Those young buyers in San Jose took on the largest mortgages in 2020, at an average of $704,318. And they dug deep to get the mortgage, with an average down payment of $158,000, or 22.5%.
San Jose millennial buyers also had the highest average credit scores, at 730. The average credit score of a millennial buyer in the D.C. area last year was 692.
Boston, Denver, Minneapolis and Buffalo round out the top five for share of millennial homebuyers in 2020. Phoenix, Tampa and Las Vegas ranked at the bottom.
Below is LendingTree’s list of the share of millennial buyers in the top 50 markets, as well as average age, purchase price, down payment and credit score.
