More young people are buying homes in Boston than anywhere else in the US
Bill Damon/flickr
Boston's millennials are dominating their city's housing market.
According to a new study released by online loan marketplace LendingTree, over half of home-loan requests in Boston — 52.5% — are made by people under 35. That percentage is higher than all of the other 58 major US cities analyzed in the report.
"The growing technology sector is likely attracting many millennials to the city, and with real estate in high demand, young professionals may see a Boston-area home purchase as a sound investment, especially in up-and-coming areas," Doug Lebda, CEO of LendingTree, tells Business Insider.
"The majority of millennials are seeking mortgages in South Boston, West End, and Back Bay, suggesting that millennials value proximity to work, public transportation, and popular city attractions," he continues.
Bill Damon/flickrBoston millennials aren't deterred by the high real estate prices. Their mortgage loans average $343,800, and their down payments are $56,900, LendingTree reported. They're also making average monthly payments of $1,910.
The Massachusetts capital represents a larger trend of young people pursuing home ownership.
"The under-35 crowd had been, for some years, hesitant to enter the housing market, but we're seeing that start to shift," Lebda said in a press release. "The data all points to the fact that millennials are increasingly eager to own rather than rent."
On average, 41% of all mortgage requests through LendingTree come from those under 35.
"In a recent survey, 75% of millennial renters told us they'd rather buy a home rather than continue renting if they could afford it," Lebda tells Business Insider. "Millennial homeowners, meanwhile, said they purchased their homes because home ownership provides freedom, a sound investment opportunity and the ability to build equity. I'm sure young Boston home buyers share these sentiments."
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