While the majority of Americans who live in large cities are now renters, that doesn’t mean that opportunities don’t exist for those interested in buying a home. And, according to a new study from LendingTree, Columbus scores near the top of the list for cities where Millennials are putting down roots through home ownership.
“Thanks to a stronger jobs market and overall economy, the 35-and-under crowd is growing up,” stated Doug Lebda, CEO of LendingTree in a release issued earlier this month. “Although millennials have been slow to the real estate market, the appeal of homeownership remains strong, and we’re beginning to see more activity with this generation.”
The study analyzed mortgage requests between August 1, 2016 and February 1, 2017 and ranked city populations accordingly. Columbus clocked in at #15 on the list, with the under-35 demographic making up 42.8 percent of mortgage-seekers. The average mortgage during that time for a Millennial in Columbus was just under $190,000, which calculates to a monthly mortgage payment of $952 per month.
The top cities in the list — based on the overall percentage of Millennial mortgage-seekers — include Pittsburgh, Washington, D.C., Des Moines, Boston and Saint Louis. Cincinnati also scored well in 7th place, and Cleveland suburb Lakewood landed in 14th place.
For more information, visit www.lendingtree.com.