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Cities in the midwest, such as Chicago (pictured here), Des Moines, Saint Louis and Minneapolis are popular and relatively affordable destinations for young homebuyers.
As they get into their late 20s and 30s, more millennials are settling down, starting families, and buying homes.
In fact, writes economist Mark Fleming on the First American Financial Center blog, millennials will be driving the demand for housing in the near future. Contrary to previous generations, however, they are staying in cities rather than buying houses in the suburbs or rural areas, according to research by think tank City Observatory, as reported by the New York Times.
Where are they going? A study by LendingTree, the online loan marketplace, analyzed 500,000 mortgage requests and offers from applications between August 2016 and February 2017 to find the cities with the highest percentages of mortgage applicants who are 35 or younger.
Below, we've listed the percentage of mortgage applications coming from the 35-and-under crowd, the average down payment supplied by those who are approved from that group, and the average mortgage amount these millennials take on.