Millennials now make up the largest group of homebuyers in the U.S., and, as is the case with other demographic groups, many are seeking to take advantage of record-low interest rates resulting from pandemic-related economic fallout. So where are they buying? How does the Charlotte are rank as one of the most popular areas for millennial homebuyers? Charlotte-based LendingTree Inc. released a study this week that breaks down the most — and least — popular locales for that generation.
The company analyzed mortgage requests made on its platform in 2020 through Dec. 15 to determine its ranking.
Charlotte came in at No. 32 on the list, which encompasses the nation’s 50 largest metros.
In the local market, just over 52% of buyers are millennials, according to LendingTree’s report. The average age of buyers in that group is 31.5, and they have an average credit score of 661, the study found. The loans they’re asking for are $233,404 on average, with downpayments averaging $34,589.
Raleigh, with stats similar to those posted by the Queen City, came in at No. 30 on the list. No other metros in the Carolinas were included.
The most popular metro for millennials is San Jose, California, per the report. Boston is No. 2, followed by Denver. Las Vegas is the least popular.
To find out more about some great homes just listed for millennial homebuyers in Charlotte, contact us at 980-475-0289.