A new report from Construction Coverage about the U.S. locations with the most millennial homebuyers shows that 42.7 percent of Gainesville home buying loans were taken out by millennials.
The millennial generation (individuals born between 1981 and 1996) has reached the stage in their lives where buying a home is often a top priority, the report says. Yet recently, the cost of homeownership has skyrocketed, in large part due to an adverse combination of high interest rates and scarce inventory, leaving millennials with a “daunting” homeownership outlook.
Despite this—and an overall decline in home buying across the country—millennials still accounted for the majority of the nation’s home purchase loans in 2023 (56.9%). However, rates vary by location. Researchers ranked metros by the millennial share of conventional home purchase loans originated in 2023.
These are the main takeaways from the report, highlighting some key stats for the Gainesville metro area:
- In order to cope with rising prices, millennials are taking out larger home loans. In 2022, the median loan amount for mortgages taken out by applicants age 25–34 was $315,000, and $365,000 for applicants age 35–44, higher than any other age group.
- Similarly, the loan-to-value ratio—or the amount of the mortgage compared to the sale price of the home—was 87% for 25- to 34-year-olds and 80% for 35- to 44-year-olds.
- In the Gainesville metro area, the median loan amount for millennial homebuyers in 2023 was $325,000, with a median loan-to-value ratio of 81.8%.
- Overall, millennials accounted for 47.2% of home purchase loans in the Gainesville metro last year.
Below is a complete data breakout for the Gainesville, GA metro area. The full results include data on over 380 U.S. metros and all 50 states.
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