REPOST: The 13 US cities where young people are buying the most homes

Millennials are nearing the peak of their careers and many of them are starting to have their own families. Buying properties, especially a house, then becomes a necessity. The article below from Business Insider features the top cities in the US considered to be the most affordable destinations for young homebuyers:

As they get into their late 20s and 30s, more millennials are settling down, starting families, and buying homes.

In fact, writes economist Mark Fleming on the First American Financial Center blog, millennials will be driving the demand for housing in the near future. Contrary to previous generations, however, they are staying in cities rather than buying houses in the suburbs or rural areas, according to research by think tank City Observatory, as reported by the New York Times.

Cities in the midwest, such as Chicago (pictured here), Des Moines, Saint Louis and Minneapolis are popular and relatively affordable destinations for young homebuyers.

Where are they going? A study by LendingTree, the online loan marketplace, analyzed 500,000 mortgage requests and offers from applications between August 2016 and February 2017 to find the cities with the highest percentages of mortgage applicants who are 35 or younger.

Below, we’ve listed the percentage of mortgage applications coming from the 35-and-under crowd, the average down payment supplied by those who are approved from that group, and the average mortgage amount these millennials take on.

13. Denver, Colorado

Percentage of millennial homebuyers: 43%

Average down payment: $50,306

Average mortgage: $284,967

 

12. Grand Rapids, Michigan

Percentage of millennial homebuyers: 43%

Average down payment: $19,058

Average mortgage: $170,486

 

11. Wichita, Kansas

Percentage of millennial homebuyers: 44%

Average down payment: $18,956

Average mortgage: $170,462

 

10. Omaha, Nebraska

Percentage of millennial homebuyers: 44%

Average down payment: $29,637

Average mortgage: $192,215

 

See the full list HERE.