Millennials' slice of Philadelphia region's housing market
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Millennials made up nearly 53% of mortgage purchase inquiries in the Philadelphia metro last year, down from roughly 56% 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.
The big picture: Nearly 40% of Philly's housing stock was built before 1939, making for potentially costly repairs for first-time homebuyers to shoulder, per the Economy League of Greater Philadelphia.
- The median age of a Philly homeowner is 35 years old.
Zoom out: The median age of first-time homebuyers nationwide hit 38 last year — the oldest on record, per the National Association of Realtors.
State of play: Millennials — those ages 28 to 43 — 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.
Between the lines: Some buyers are "rentvesting" or using family cash to make homeownership possible.
- San Jose, California, Seattle and San Francisco — where local incomes may be better-matched to steep prices — saw the largest shares of mortgage inquiries from millennials, per the report.
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.