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The Top Cities for the Millennial Homebuyer

Constance Brinkley-Badgett
Borrowers under age 35 are starting to buy homes again. Here are the top 25 cities where they're doing it.

Mortgage borrowers under age 35 are returning to the housing market across the country, according to a recent analysis by LendingTree, an online loan marketplace. But several cities are seeing a significantly high number of millennials entering the market.

"Thanks to a stronger jobs market and overall economy, the 35-and-under crowd is growing up," said Doug Lebda, CEO of LendingTree. "Although millennials have been slow to the real estate market, the appeal of homeownership remains strong, and we're beginning to see more activity with this generation. Rising home prices and high student loan debt are still affecting the purchase power of millennials, but as more student debt is repaid and the jobs market improves, we're likely going to see more young buyers in this spring home buying season than in previous years."

LendingTree looked at mortgage requests and offers among this age group between Aug. 1, 2016 and Feb. 1, 2017, and compared those with the total population of mortgage-seekers. The city rankings stem from the percentage of total mortgage requests received by LendingTree.

On average, 36.1% of all mortgage requests through LendingTree came from consumers 35 years and younger. This is a slight increase from the same period last year, where 34.24% of loan requests came from millennials. The average loan amount requested from this age group is $175,180, compared to an average of $191,157 for those over 35.

Millennials in Ohio are getting the most affordable mortgages, with Toledo, Akron, Lakewood and Dayton claiming four of the top 10 cities with the lowest average mortgage amounts for the age group, according to LendingTree. California, however, is on the opposite end of the spectrum, with four of the 10 cities with the highest average mortgage amounts: San Francisco, San Jose, Los Angeles and San Diego.

If you're considering buying a new home — regardless of where you live or how old you are — it's important to shore up your credit before applying for a mortgage. That's because it's going to play a major role in whether you can actually get a mortgage and what kind of rates you'll end up paying. You can view two of your credit scores, updated every 14 days, for free on Credit.com.

Now, without further ado, here are the top cities where millennials are buying homes.

25. Parkville, Maryland 

Millennial Mortgage Requests: 41.6%
Average Mortgage by Millennials: $199,437

24. Fort Wayne, Indiana

Millennial Mortgage Requests: 41.8%
Average Mortgage by Millennials: $178,773

23. Akron, Ohio

Millennial Mortgage Requests: 41.9%
Average Mortgage by Millennials: $136,139

22. Lexington, Kentucky

Millennial Mortgage Requests: 42.0%
Average Mortgage by Millennials: $183,314

21. Salt Lake City

Millennial Mortgage Requests: 42.0%
Average Mortgage by Millennials: $254,393

20. Seattle

Millennial Mortgage Requests: 42.1%
Average Mortgage by Millennials: $364,463

19. Atlanta

Millennial Mortgage Requests: 42.1%
Average Mortgage by Millennials: $261,485

18. Nashville

Millennial Mortgage Requests: 42.4%
Average Mortgage by Millennials: $252,117

17. Philadelphia

Millennial Mortgage Requests: 42.4%
Average Mortgage by Millennials: $250,905

16. Buffalo, New York

Millennial Mortgage Requests: 42.6%
Average Mortgage by Millennials: $156,073

15. Columbus, Ohio 

Millennial Mortgage Requests: 42.8%
Average Mortgage by Millennials: $189,231

14. Lakewood, Ohio

Millennial Mortgage Requests: 42.8%
Average Mortgage by Millennials: $209,023

13. Denver 

Millennial Mortgage Requests: 43.0%
Average Mortgage by Millennials: $284,967

12. Grand Rapids, Michigan 

Millennial Mortgage Requests: 43.3%
Average Mortgage by Millennials: $170,486

You can check out the full list of the top 25 cities where millennials are buying homes on Credit.com.

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