Millennials comprised nearly 53 percent of customers who sought “new purchase mortgages” in the Chicago Metro area during the first 11 months of 2019, a story in the Daily Herald stated.
That’s according to a study of LendingTree® applicants in the 50 most popular metro areas of the United States. In fact, the study showed that the millennial generation had more than half of the new purchase mortgage requests in 30 of those areas. Minneapolis had the highest percentage (56.2 percent), followed by Buffalo, San Jose, Denver and Salt Lake City. Chicago millennials requested 52.9 percent of the new mortgages from January through November.
The average age of millennial applicants in the Chicago Metro area was 31, with an average credit score of 664. The average value of the requested loans was $213,433 and the average down payment was $33,612.
Find out more about the study and see how the Chicago area compared with the 50 largest metros.