Report: Austin Ranks as 4th Most Popular Metro for Millennial Homebuyers

A recent report from LendingTree found that Austin ranked as the 4th most popular metro in the nation for millennial homebuyers in 2021.

By analyzing mortgage offers given to millennial users of the LendingTree platform across the nation’s 50 largest metros in 2021, the lender found that millennials (people ages 25 to 40 in 2021) make up a majority of homebuyers in most of the country’s largest metros, including Denver, Seattle and Boston. The top five cities for millennial homebuyers in 2021 according to the platform were Denver, Seattle, Boston, Austin and Pittsburgh.

In Austin, the lender reported that more than 60% of all mortgages offered in 2021 went to millennials, with the average age of millennials being 32. The average down payment for millennial homebuyers in Austin was $51,349.

“Millennial homebuyers tend to have relatively strong financial profiles. Across the nation’s 50 largest metros, credit scores of 700 and above, as well as five-figure down payments, were common,” said Jacob Channel, LendingTree’s Senior Economic Analyst. “This combination of high credit and a solid down payment can make lenders more likely to work with people who don’t always have much experience in the housing market.”