Two metropolis areas in Pennsylvania could see some growth among millennial buyers this year.
Pittsburgh and Philadelphia are predicted to be two of the hottest markets in the nation for millennial homebuyers in 2021. Mortgage broker LendingTree named Pittsburgh ninth on the list of the top 10 most popular markets for millennial homebuyers, while Philadelphia was ranked 15th on the overall list. The results were based on mortgage requests from Jan. 1 through Dec. 15, 2020, in which these two cities saw an uptick among millennials.
The percentage of mortgage loan requests from millennials was 57.28% in Pittsburgh, with an average age of 31 and a loan request of $172,270. The average down payment amount for those in the millennial generation was $26,978 for the Pittsburgh area. For Philadelphia, 56.05% of loan requests were from millennials, with an average age of 31 and requesting $232,024, with an average down payment of $37,509.
“Pittsburgh has affordable housing and job growth in tech, medicine and finance,” said PAR Treasurer Preston Moore, a Realtor® in the Pittsburgh area. “The city has the bars, restaurants, coffee shops, professional sports and parks for entertainment. The neighborhoods of South Side, Lawrenceville and Squirrel Hill offer the social amenities and the lifestyle young professionals are looking for with available transportation.”
“Locals have said for years, ‘Pittsburgh is some place special and the city of champions,'” Moore added.
San Jose was named the most popular location for millennial buyers, followed by Boston.