Austin's millennials outstrip nation's for homebuying
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Millennials, those ages 28 to 43, made up 55.3% of mortgage purchase inquiries in Austin in 2024, down from 57.5% in 2023, according to a LendingTree analysis.
Why it matters: High housing prices, near-6% mortgage rates and a shortage of affordable homes are keeping many shoppers, especially younger people, out of the market — but not so much in cities like Austin that remain magnets for early-career professionals.
Case in point: The median age of first-time homebuyers nationwide hit 38 last year — the oldest on record, per the National Association of Realtors.
- The average age of millennial homebuyers in Austin seeking a mortgage purchase is 35, per the LendingTree analysis.
State of play: Millennials made up nearly half of LendingTree mortgage purchase inquiries in 2024 across the 50 biggest U.S. metros, but their share is shrinking.
- Expensive mortgages are deterring people from buying their first home (or moving into a new one).
- Meanwhile, more Gen Zers have entered the market, carving out a slice of the mortgage pie.
Yes, but: The relatively high percentage of millennials in the home-buying market here reflects how greater Austin remains a destination for younger professionals.
Zoom in: Millennials in Austin in 2024 were, on average, putting $72,533 as a down payment — and their average loan was $418,149, per the LendingTree analysis.
What we're watching: Just 7% of millennials are actively touring open houses or searching for homes in their area, Bankrate research shows.
- Many have stopped looking altogether because they can't afford the homes they want.