Millennials Make Up Nearly Half of All Homebuyers in the Nation’s Top Metros

Baby Boomers may account for the largest share of homeowners in the U.S., but recent data from online lending platform LendingTree show that more Millennials are heading to the marketplace. According to the report, Millennials accounted for 49.7% of purchase requests in the nation’s 50 largest metros during 2024. This share, however, is down slightly from the 52.3% of Millennials recorded in 2023.

In 16 of the 50 largest U.S. metros, Millennials accounted for the majority of purchase inquiries. San Jose, Calif., Seattle, and San Francisco recorded the highest share of Millennial homebuyers. Millennials in these metros accounted for 62.6%, 57.1% and 56.9% of mortgage inquiries in 2024, respectively.

San Jose and the broader Bay Area — including San Francisco — are epicenters of the U.S. tech industry, offering some of the highest average salaries in the nation — about $164,000 in Silicon Valley alone in 2023. The concentration of high-paying tech jobs in the area attracts many millennials who have the financial capacity to enter one of the most expensive housing markets in the country.

Similarly, Seattle’s status as a hub for tech, education and urban amenities makes it an attractive destination for millennials seeking career and lifestyle benefits. The city boasts one of the highest concentrations of residents with bachelor’s degrees — and a high median household income (about $120,000) — making it both desirable and feasible for younger professionals to pursue homeownership.