Millennials pull back from Portland's housing market
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Millennials, those ages 28 to 43, made up 49.6% of mortgage purchase inquiries in the Portland metro area in 2024, down from 51.6% 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.
By the numbers: The average age of a potential millennial homebuyer in Portland is 35, while the average loan offered to them is around $433,000 with a $74,000 down payment.
- There aren't many affordable options within that price range in the city, as the median sales price hangs around $520,000, up 4% compared to last year per Redfin.
The big picture: Millennials made up nearly half of LendingTree mortgage purchase inquiries in 2024 across the 50 biggest U.S. metros, but their share is shrinking.
- Meanwhile, more Gen Zers have entered the market, carving out a slice of the mortgage pie.
What we're watching: Just 7% of millennials are actively touring open houses or searching for homes in their area, Bankrate research shows.
- Yes, but: Many have stopped looking altogether because they can't afford the homes they want.