Chat
Chat with Sales Hours: Monday-Friday 8:30 a.m. - 4:30 p.m. (CST)
Contact Sales
Call Sales Toll-Free 1-(866) 774-3282 Hours: Monday-Friday 7 a.m. - 5 p.m. (CST)
Product Login
Product Log-in
Product Support
Product Support
Email Sales
Contact Sales
After Hours
  • Support
  • Sign In Sign In
  • AUS NZ UK
CoreLogic - Home
  • Solutions
    view solutions by:

    Data Solutions

    • Lead Generation
    • Property Data
    • Location Intelligence

    Real Estate

    • Multiple Listing Enterprise
    • Agent & Broker

    Mortgage

    • Origination
    • Servicing
    • Appraisal
    • Commercial Property Tax

    Insurance

    • Hazard Risk
    • Catastrophe Risk Management
    • Risk Evaluation
    • Underwriting Automation
    • Weather Verification
    • Claims Automation
    • Restoration
    • INTRCONNECT

    Mortgage Lenders

    • Origination

    Mortgage Servicers

    • Residential Property Tax
    • Default & Loss Mitigation
    • Portfolio Insight & Monitoring

    Mortgage Appraisers

    • Appraisal

    Real Estate Agents & Brokers

    • Agents & Brokers

    Real Estate MLS

    • Multiple Listing Enterprises

    Commercial Real Estate Owners

    • Commercial Property Tax

    Marketing Departments

    • Property Data

    Insurance Underwriters

    • Risk Evaluation
    • Underwriting Automation
    • Hazard Risk
    • Catastrophe Risk Management

    Insurance Risk Managers

    • Risk Evaluation
    • Hazard Risk
    • Catastrophe Risk Management

    Insurance Claims

    • Claims Automation
    • Restoration Contractors
    • Weather Verification

    Construction Contractors

    • Restoration Contractors

    General

    • Location Intelligence
    • Lead Generation
    • Data Solutions
  • Resources

    Reports

    • Climate Change
    • Construction Cost Update
    • Construction Insights
    • Home Price Insights
    • Homeowner Equity Insights
    • Loan Performance Insight
    • Mortgage Fraud
    • Property Tax Delinquency
    • Single-Family Rent Index

    Insight Blogs

    • Hazard HQ
    • Office of Chief Economist
    • Affordable Housing
    • Homebuying
    • Insurance
    • Other Articles

    More Resources

    • Case Studies
    • White Papers
    • Podcasts
    • Quick Takes
  • Company
    • About
    • Leadership
    • Newsroom
    • Contact
    • Careers
  • Search
CoreLogic - Home
  • Solutions
  • Resources
  • Company

    • About
    • Leadership
    • Newsroom
    • Contact
    • Careers
  • Accounts

    • Products Sign-in
  • Contact

    • Sales Contact
    • Product Support
  • Regions

    • Australia
    • New Zealand
    • United Kingdom
  • Social

    • Facebook
    • Instagram
    • Linkedin
    • Twitter
    • Youtube
Solutions
VIEW BY:
  • Data Solutions

    • Lead Generation
    • Property Data
    • Location Intelligence
  • Real Estate

    • Multiple Listing Enterprise
    • Agent & Broker
  • Mortgage

    • Origination
    • Servicing
    • Appraisal
    • Commercial Property Tax
  • Insurance

    • Hazard Risk
    • Catastrophe Risk Management
    • Risk Evaluation
    • Underwriting Automation
    • Weather Verification
    • Claims Automation
    • Restoration
    • INTRCONNECT
  • Mortgage Lenders

    • Origination
  • Mortgage Servicers

    • Residential Property Tax
    • Default & Loss Mitigation
    • Portfolio Insight & Monitoring
  • Mortgage Appraisers

    • Appraisal
  • Real Estate Agents & Brokers

    • Agents & Brokers
  • Real Estate MLS

    • Multiple Listing Enterprises
  • Commercial Real Estate Owners

    • Commercial Property Tax
  • Marketing Departments

    • Property Data
  • Insurance Underwriters

    • Risk Evaluation
    • Underwriting Automation
    • Hazard Risk
    • Catastrophe Risk Management
  • Insurance Risk Managers

    • Risk Evaluation
    • Hazard Risk
    • Catastrophe Risk Management
  • Insurance Claims

    • Claims Automation
    • Restoration Contractors
    • Weather Verification
  • Construction Contractors

    • Restoration Contractors
  • General

    • Location Intelligence
    • Lead Generation
    • Data Solutions
Resources
  • Reports

    • Climate Change
    • Construction Cost Update
    • Construction Insights
    • Home Price Insights
    • Homeowner Equity Insights
    • Loan Performance Insight
    • Mortgage Fraud
    • Property Tax Delinquency
    • Single-Family Rent Index
  • Insight Blogs

    • Hazard HQ
    • Office of Chief Economist
    • Affordable Housing
    • Homebuying
    • Insurance
    • Other Articles
  • More Resources

    • Case Studies
    • White Papers
    • Podcasts
    • Quick Takes

Home / Intelligence / Millennial Homebuyers Dominate in High-Tech and Midwest Metros

ABOUT THE AUTHOR
Archana Pradhan
Archana Pradhan
Principal, Economist, Office of the Chief Economist
View Profile
  • October 4, 2021

Millennial Homebuyers Dominate in High-Tech and Midwest Metros


San Jose, Austin, Seattle and Pittsburgh Have the Highest Percentage of Potential Millennial Homebuyers

An increasing number of millennials, those born from 1981 to 1996, are in or are approaching their first-time homebuying years. Older millennials, meanwhile, are in the age-range for a move-up purchase. According to the CoreLogic® Loan Application Database[1], millennials made up 67% of first-time home purchase applications and 37% of repeat home purchase applications in 2021.[2]

Millennials have made up the largest share of home purchase mortgage applications since 2016, accounting for 51 percent of home-purchase mortgage applications in 2021, up five percentage points from 2019 (Figure 1). However, the share varies across individual housing markets. Our previous studies have shown that homebuyers’ choices were affected by home affordability, employment opportunities, flexibility to work remotely, local tax rates and preference for open spaces.[3] In general, millennials have more buying power in affordable markets compared to high-cost areas. Nonetheless, our data shows their share is much higher in some high-cost metros as well, especially areas with high-tech job opportunities.

Figure 1: Millennial Home Purchase Applications Share Largest Since 2016

Figure 1: Millennial Home Purchase Applications Share Largest Since 2016
Note: Birth years by cohort: Generation Z after 1997, Millennial 1981-1996, Generation X 1965-1980, Baby Boomer 1946-1964, Silent Generation before 1946
Source: CoreLogic Fraud Consortium Loan Application data
© 2021 CoreLogic,Inc., All rights reserved.

Figure 2 shows the U.S. metros based on their millennial application share in 2021. Millennials made up a higher share of the potential homebuyers in the Midwest markets and in metros with high-tech job opportunities. San Jose, California, had the highest percentage of millennials applying for a home mortgage (64%), followed by Austin (61%), Seattle (61%), Pittsburgh (61%), Boston (60%) and San Francisco (60%).[4] Salt Lake City, Milwaukee, Minneapolis and Buffalo were also among the 10 metros with the highest percentage of millennial applicants. These metros with highest share of millennial applicants either offer high-tech job opportunities or affordability.

Figure 2. U.S. Metro Areas Based on Share of Millennial Homebuyers in 2021

Midwest Metros and Metros with Higher Technology Employment had a Higher Share of Millennials

Figure 2. U.S. Metro Areas Based on Share of Millennial Homebuyers in 2021
(Note: Metros are divided into four quartiles by millennial share in 2021. Top 10 metros are labeled in the map.)
Source: CoreLogic Fraud Consortium Loan Application data
© 2021 CoreLogic,Inc., All rights reserved.

Conversely, metros in Florida and Arizona had the lowest percentage of millennials applying for a home mortgage. Miami and Las Vegas had the lowest percentage (43%), followed by Orlando (44%), Tampa (44%), Phoenix (45%) and Jacksonville (45%).[5]

In addition, metros with a higher share of high-tech jobs saw an increase in millennial homebuyer share from 2019. Figure 3 shows share of millennials for the top 15 metros in 2021, compared to same period in 2019. Some high-cost metros such as San Jose, San Francisco and Seattle that offer high-tech job opportunities experienced a higher increase in millennial share over the two-year period. In contrast, affordable metros such as Pittsburgh, Salt Lake City, Milwaukee and Buffalo experienced only a small increase in millennial homebuyer share.

Figure 3: Top 15 Metros with Highest Millennial Home Purchase Applications Share

Figure 3: Top 15 Metros with Highest Millennial Home Purchase Applications Share
Note: Top 15 are selected out of 50 largest metros based on total population in 2020.
Source: CoreLogic Fraud Consortium Loan Application data
© 2021 CoreLogic,Inc., All rights reserved.

Figure 4 plots the change in share of millennial homebuyers against the high-tech share of total employment for the top 20 most populous metros in 2020.[6] There is a positive relationship between the change in millennial share and high-tech employment share. To be noted, millennial homebuyers in San Jose, San Francisco and Boston had the highest average credit scores, highest average income and made a bigger down payment. This could be a result of higher wages among high-tech industry jobs, which have been attracting millennials. In the meantime, the older generation homebuyers are selling their houses and moving to lower-cost metros with warm weather and amenities, which reduces their share in the high-cost areas. Thus, the millennial buyer share is higher in high-tech metros (such as San Jose, San Francisco and Boston) and lower in Florida and Arizona metros.

Despite affordability challenges for many potential millennial homebuyers, especially in the high-cost market, millennials with high-tech skills whose compensation is commensurate with local living costs can buy homes. Declining numbers of older generation homebuyers is contributing to change in the ratio as well, because as older generation buyer share declines, millennial share rises.

Figure 4. Millennial Homebuyers Share Increased More in Metros with Higher Share of High-Tech Employment

Figure 4. Millennial Homebuyers Share Increased More in Metros with Higher Share of High-Tech Employment
Source: CoreLogic Fraud Consortium Loan Application data (2021)
and U.S. Bureau of Labor Statistics (2019)
© 2021 CoreLogic,Inc., All rights reserved.

[1] This analysis is based on all home-purchase mortgage applications, accepted or not, from January 2021 to August 2021. Investors and second-home buyers were excluded in the analysis.

[2] Gen Z, the cohort succeeding millennials (born after 1996), made 8% of first-time home purchase applications.

[3] Also, see our report “2020 CoreLogic Hottest Cities for Homebuyers Report”

[4]Out of the top 50 metros based on 2020 population.

[5]Out of the top 50 metros based on 2020 population.  

[6] High-tech share of total employment in area is based on 2019 data.

  • Category: Blogs, Intelligence, Office of the Chief Economist
  • Tags: Market Trends, Millennials, Real Estate
ABOUT THE AUTHOR
Archana Pradhan
Archana Pradhan
Principal, Economist, Office of the Chief Economist
View Profile

Related Posts

Jan23CSIPromo
Home Price Insights

US CoreLogic S&P Case-Shiller Index Growth Rate Cools Further in November, Up by 7.7%

Annual U.S. home price growth continued to relax in November for the seventh straight month.

January 31, 2023
CoreLogic Reactor Tordado
Hazard HQ

January 24 EF-3 Tornado in Harris County, Texas

CoreLogic Tornado Forensics Technology captured the EF-3 tornado path that ripped through southeastern Harris County on Jan. 24 to damage homes and disrupt industrial operations.

January 31, 2023
Appraisal Waiver
Blogs

How New Appraisal Waiver Policies Affect Old Homebuying Practices

Electing to accept an appraisal waiver may make the difference between closing on a loan and getting stuck in a repeat bidding cycle.

January 27, 2023

About Corelogic

  • Newsroom
  • Leadership
  • Careers
  • Ethics & Compliance

Accounts

  • Products Sign-in

Contact

  • Sales Contact
  • Product Support

Regions

  • CoreLogic Australia
  • CoreLogic New Zealand
  • CoreLogic UK

Follow & Connect

  • Facebook
  • Instagram
  • Linkedin
  • Twitter
  • YouTube
© 2023 CoreLogic. All rights reserved.
  • Legal
  • Privacy Policy
  • CCPA
  • Security
  • Sitemap
  • Accessibility
  • Legal
  • Privacy Policy
  • CCPA
  • Security
  • Sitemap
  • Accessibility