MILWAUKEE — Now that the millennial generation is growing older and its median home-buying price is still relatively low, this generation is taking on more mortgages than any other generation.
According to a study by Realtor.com, "Millennials are getting older, with better jobs and deeper pockets, allowing them to expand their collective purchase power, and hence, their footprint in the market," said Javier Vivas, director of economic research.
Since 2017, millennials have been the largest mortgage purchasers, surpassing Generation X. In 2018, 45 percent of all mortgages were taken out by millennials.
Their home buying isn't based off living in large metro areas. It is "based off affordability."
At the end of 2018, the median price of a mortgaged home purchased by millennials was $238,000.
Currently, the top-five markets in which millennials generate more than 50 percent of mortgages are:
- Buffalo, N.Y.
- Pittsburgh
- Milwaukee
- Cincinnati
- Columbus, Ohio
The study also said these cities have strong job markets, giving the generation more buying power.
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