The most popular cities for millennial and Gen X homebuyers
Madison Hoff
- The average age of homeowners varies across the largest metro areas in the US.
- LendingTree analyzed Census Bureau data to find out where younger and older homeowners are.
- Austin, Texas, had the youngest average homeowner age at 47.58 years old.
Austin, Texas, is not only a growing and popular place to live, it also has the youngest average homeowner age across the 50 largest metro areas.
A report from LendingTree used Census Bureau data to find out the average homeowner and renter ages across the 50 largest metro areas. Per their report, Austin had the youngest average homeowner age at 47.58. The metro area boasts a lower cost of living and a growing tech hub that may attract young workers.
Homebuyers in Houston and Dallas are also some of the youngest on the list, at 49.00 and 49.08 respectively.
On the other end, two metro areas in Florida had the oldest homeowner age among the 50 places included in LendingTree's report. The average age of homeowners was 54.47 in Miami and 54.19 in Tampa.
"Florida has historically been a popular destination for older homeowners for various reasons, including no income tax and a warm climate," Jacob Channel, a senior economic analyst at LendingTree, wrote about the results.
But buying a home can be a big decision. According to Insider's Hillary Hoffower, a Bankrate survey found almost two-thirds of millennial homeowners regretted buying their home. If you are looking to buy a home, Insider's reporting finds that there are six different things those looking to be homeowners should be aware of, including that existing home prices are high right now and housing supply isn't keeping up with demand for homes.
In Austin, per LendingTree's analysis, median monthly housing costs for those with a mortgage is $1,909, which is a little bit higher than the monthly housing cost in the metro area with the oldest average homeownership age. The median monthly housing cost for those with a mortgage in Miami is $1,829.
The report not only looked at average homeowner age but the average age of renters. Based on the Census data, the average among the 50 largest metro areas is lower than that of homeowners. LendingTree finds that the average renter age is about 33 years old. The average age for homeowners across the 50 largest metro areas is somewhere between 51 and 52 years old.
That is, "nearly 19 years younger than the average homeowner and almost six years younger than the overall population," Channel writes.
Outside of the notable Florida and Texas metro areas mentioned above, St. Louis, Missouri had the second lowest average homeowner age at 48.77. Philadelphia rounded off the top 10, when ranking from oldest to youngest average ages, among the top 50 largest metro areas with average homeownership age of 52.94.
The following are the metro areas with the youngest homeowners among the 50 largest metro areas per LendingTree's analysis. The full analysis from LendingTree can be found here.
10. Nashville, Tennessee
Average homeowner age: 50.06
Average renter age: 31.17
Median monthly housing costs for those with a mortgage: $1,462
9. Atlanta, Georgia
Average homeowner age: 49.96
Average renter age: 31.03
Median monthly housing costs for those with a mortgage: $1,544
8. Columbus, Ohio
Average homeowner age: 49.77
Average renter age: 31.49
Median monthly housing costs for those with a mortgage: $1,501
7. Raleigh, North Carolina
Average homeowner age: 49.72
Average renter age: 31.82
Median monthly housing costs for those with a mortgage: $1,570
6. San Jose, California
Average homeowner age: 49.64
Average renter age: 33.10
Median monthly housing costs for those with a mortgage: $2,236
5. Denver, Colorado
Average homeowner age: 49.60
Average renter age: 32.46
Median monthly housing costs for those with a mortgage: $1,877
4. Dallas, Texas
Average homeowner age: 49.08
Average renter age: 30.63
Median monthly housing costs for those with a mortgage: $1,758
3. Houston, Texas
Average homeowner age: 49.00
Average renter age: 30.11
Median monthly housing costs for those with a mortgage: $1,738
2. St. Louis, Missouri
Average homeowner age: 48.77
Average renter age: 29.64
Median monthly housing costs for those with a mortgage: $1,627
1. Austin, Texas
Average homeowner age: 47.58
Average renter age: 31.29
Median monthly housing costs for those with a mortgage: $1,909
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