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Millennials, born between 1981 and 1996, are now the largest group of homebuyers in the U.S. Here’s where they’re buying houses.
Key Findings
- Millennials are buying homes at the fastest rate in this Southern metro. In just one year, 6.5% of Millennials in the Raleigh-Cary, NC metro became homeowners. The median income of these new homeowners was $123,000. The Charlotte, NC-SC metro ranked fourth overall with a 5.8% rate of Millennials buying homes. Here, the median income of new Millennial homeowners is $110,000.
- The median income for new homeowners in large metro areas is $109,000. Comparatively, the median home value purchased by Millennials in large metros was $405,000. In 2022, this cohort faced a median 4.75% interest rate. Interest rates were highest in Detroit and lowest in San Francisco.
- San Francisco is the toughest metro area for Millennials to buy a home. The San Francisco-Oakland-Berkeley, CA metro bottoms the list on several dimensions. Less than 1% of the Millennial population here closed on a home in 2022, the lowest studywide. Similarly, homes were most expensive at $1.59 million, with a median loan amount of $965,000. To afford these homes, the median new Millennial homeowner in San Francisco earned $300,000 per year.
- These two Western metros are popular places for Millennials to purchase a home. While most of the top 10 metros are in the South or Midwest, Denver and Phoenix rank third and sixth respectively. 5.9% of resident Millennials in the Denver metro purchased a home in 2022, with a median income of $131,000. In Phoenix, the rate of new homeowners was 5.4%, and a $104,000 median income.
- Overall, the Atlanta metro issued the most mortgages to Millennials. The Atlanta-Sandy Springs-Alpharetta metro saw just over 83,000 mortgages issued to people between the ages of 25 and 44 in just one year, compared to a median count of more than 33,000. 4.7% of local Millennials bought homes here in 2022, putting Atlanta in 15th place overall for this age group.
SmartAsset
Top 10 Metro Areas Where Millennials Are Buying Homes Fastest
- Raleigh-Cary, NC
- Percent of local Millennials who purchased a home in 2022: 6.5%
- Number of mortgages originated to Millennials in 2022: 27,859
- Total number of local Millennials: 428,846
- Percent of total population aged 25-44: 28.9%
- Median interest rate for new Millennials mortgages: 4.4%
- Median property value: $445,000
- Median income of Millennial mortgagor: $123,000
- Nashville-Davidson-Murfreesboro-Franklin, TN
- Percent of local Millennials who purchased a home in 2022: 6.0%
- Number of mortgages originated to Millennials in 2022: 36,396
- Total number of local Millennials: 606,759
- Percent of total population aged 25-44: 29.6%
- Median interest rate for new Millennials mortgages: 4.8%
- Median property value: $455,000
- Median income of Millennial mortgagor: $110,000
- Denver-Aurora-Lakewood, CO
- Percent of local Millennials who purchased a home in 2022: 5.9%
- Number of mortgages originated to Millennials in 2022: 57,457
- Total number of local Millennials: 974,341
- Percent of total population aged 25-44: 32.6%
- Median interest rate for new Millennials mortgages: 4.8%
- Median property value: $605,000
- Median income of Millennial mortgagor: $131,000
- Charlotte-Concord-Gastonia, NC-SC
- Percent of local Millennials who purchased a home in 2022: 5.8%
- Number of mortgages originated to Millennials in 2022: 45,195
- Total number of local Millennials: 775,799
- Percent of total population aged 25-44: 28.1%
- Median interest rate for new Millennials mortgages: 4.5%
- Median property value: $405,000
- Median income of Millennial mortgagor: $110,000
- Indianapolis-Carmel-Anderson, IN
- Percent of local Millennials who purchased a home in 2022: 5.6%
- Number of mortgages originated to Millennials in 2022: 33,831
- Total number of local Millennials: 599,803
- Percent of total population aged 25-44: 28.0%
- Median interest rate for new Millennials mortgages: 5.0%
- Median property value: $305,000
- Median income of Millennial mortgagor: $92,000
- Phoenix-Mesa-Chandler, AZ
- Percent of local Millennials who purchased a home in 2022: 5.4%
- Number of mortgages originated to Millennials in 2022: 74,910
- Total number of local Millennials: 1,394,550
- Percent of total population aged 25-44: 27.8%
- Median interest rate for new Millennials mortgages: 4.8%
- Median property value: $465,000
- Median income of Millennial mortgagor: $104,000
- Jacksonville, FL
- Percent of local Millennials who purchased a home in 2022: 5.4%
- Number of mortgages originated to Millennials in 2022: 24,518
- Total number of local Millennials: 457,211
- Percent of total population aged 25-44: 27.3%
- Median interest rate for new Millennials mortgages: 4.8%
- Median property value: $375,000
- Median income of Millennial mortgagor: $98,000
- Virginia Beach-Norfolk-Newport News, VA-NC
- Percent of local Millennials who purchased a home in 2022: 5.2%
- Number of mortgages originated to Millennials in 2022: 26,232
- Total number of local Millennials: 502,586
- Percent of total population aged 25-44: 27.8%
- Median interest rate for new Millennials mortgages: 4.8%
- Median property value: $325,000
- Median income of Millennial mortgagor: $90,000
- Cincinnati, OH-KY-IN
- Percent of local Millennials who purchased a home in 2022: 5.2%
- Number of mortgages originated to Millennials in 2022: 31,056
- Total number of local Millennials: 598,328
- Percent of total population aged 25-44: 26.4%
- Median interest rate for new Millennials mortgages: 4.8%
- Median property value: $285,000
- Median income of Millennial mortgagor: $95,000
- Austin-Round Rock-Georgetown, TX
- Percent of local Millennials who purchased a home in 2022: 5.1%
- Number of mortgages originated to Millennials in 2022: 41,733
- Total number of local Millennials: 816,006
- Percent of total population aged 25-44: 33.7%
- Median interest rate for new Millennials mortgages: 4.7%
- Median property value: $505,000
- Median income of Millennial mortgagor: $144,000
Data and Methodology
To find where Millennials are buying homes at the fastest rates, SmartAsset reviewed Home Mortgage Disclosure Act data for 2022. Specifically, originated mortgages for people between age 25 and 44 was considered, relative to the size of the local population of Millennials in the same year and metro area as according to the U.S. Census Bureau. The median income of new Millennial homeowners, as well as subject property value, were also considered.
This story was produced by SmartAsset and reviewed and distributed by Stacker Media.

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