Data: LendingTree; Note: Millennials are those ages 28-43 in 2024; Chart: Axios Visuals
Millennials ages 28 to 43 made up almost 52% of mortgage purchase inquiries in San Diego in 2024, 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.
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.
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.
Between the lines: Some buyers are "rentvesting" or using family cash to make homeownership possible.
What we're watching: Just 7% of millennials are touring open houses or searching for homes in their area, Bankrate research shows.
Many have stopped looking because they can't afford the homes they want.