"Millennials (ages 28-43 in 2024) made 49.7% of mortgage inquiries in the 50 largest metros, down from 52.3% in 2023, with analysts attributing the dip to worsening affordability and rising Gen Z participation, not a millennial retreat. Their share peaked in the nation's most expensive tech markets-San Jose (62.6%), Seattle (57.1%), and San Francisco (56.9%)-where high salaries help offset steep prices and down payments, reinforcing a skills-and-income filter on who can buy in top metros."
"Fortune has reported that millennials and Gen Z are increasingly counting on future rate cuts-using ARMs or planning to refinance-to make ownership pencil out, but experts stress there's "no guarantee" rates will drop enough, creating potential payment shock when ARM resets arrive. Fortune also highlighted how boomers' massive equity and low-rate "lock-in" are constraining resale inventory-Top Wall Street analyst Meredith Whitney argues seniors "aren't moving anytime soon," implying slow relief on supply even if rates ease, which"
Millennials (ages 28-43) made 49.7% of mortgage inquiries in the 50 largest U.S. metros in 2024, down from 52.3% in 2023. Their share was highest in San Jose (62.6%), Seattle (57.1%), and San Francisco (56.9%), where higher salaries help offset steep prices. Average millennial down payments reached about $213,000 in San Jose and $190,000 in San Francisco, with requested loans near $794,000 and $736,000. Many younger buyers are using adjustable-rate mortgages or planning to refinance while counting on future rate cuts. Experts warn there is no guarantee rates will fall, risking payment shock when ARMs reset. Substantial boomer equity and low-rate lock-in are constraining resale inventory and limiting supply relief even if rates ease.
#millennials #mortgage-applications #adjustable-rate-mortgages #housing-affordability #housing-supply
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