Millennials - all squarely within their primary working years -- are buying homes more or less quickly depending on the metro area. In some places, 1 in every 25 residents between the ages of 25 and 44 purchased a home with a conventional mortgage just in 2024 alone. In other major metros, less than 1 in 100 Millennial-aged residents last year. This disparity can cause divergent implications for local infrastructure, politics, and business demand among different metros. Particularly with many Millennials at the peak of their earning potential, local tax bases, housing markets, and more may also be impacted by such trends. Observed from another angle, high rates of Millennials investing in homes in an area may indicate prosperity in the job market, paired with a friendly housing market and economy.
With this in mind, SmartAsset ranked 41 of the largest U.S. metro areas with available data to determine the places where the local Millennial population purchased the most houses in 2024.
To find where Millennials are buying homes at the fastest rates, SmartAsset reviewed Home Mortgage Disclosure Act data for 2024. Specifically, originated mortgages for people between age 25 and 44 were considered, relative to the size of the local population of that same age bracket in 2023 according to U.S. Census Bureau data. The median income of new Millennial homeowners, as well as subject property value, were also considered.