Data: LendingTree; Note: Millennials are those ages 28-43 in 2024; Chart: Axios Visuals
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.
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.