Denver has a hot housing market, and it’s especially hot among one of the largest potential demographics.

Millennials, those people born between roughly 1981 and 1997, make up more of the current home-buying market in Denver than nearly all of the 50 largest U.S. metro areas, according to a report by LendingTree.

The report looked at new purchase mortgage requests made between January and November 2019. In that time frame, Denver ranked No. 4 out of the 50 metros, with 55.3% of mortgage requests coming from millennials.

Denver had among the youngest millennials — 30.8 years old, on average — looking for mortgages, with an average credit score of 682. The average requested loan amount was $316,524 and the average down payment was $49,361.

While relatively cheaper cities Minneapolis and Buffalo, New York, took the top two spots in the report for millennials buying homes, higher-priced market San Jose, California took the No. 3 spot.

Much has been made of millennials buying homes as statistics have shown for a number of reasons the generation was slower to embrace homeownership than previous generations. But with 71 million people considered part of that generation, their homebuying habits could help solve the potential “silver tsunami” of homes flooding the market as baby boomers downsize.
For a complete look at the report, click here.
Article by: Biz Journals