Description of the Lending Tree ranking of the most popular metropolitan areas for baby boomers to buy homes. Where does Sacramento rank?
What are the most popular metropolitan areas where baby boomers are buying homes?
To find the answer to this question Lending Tree analyzed mortgage purchase requests in 2020 (January 1, 2020 to December 31, 2020) on its platform for the nation’s 50 largest metropolitan areas. “Baby boomers” is defined as anyone born between 1946 and 1964.
The Lending Tree analysis revealed that baby boomers make up a significant portion of potential homebuyers in the metropolitan areas studied.
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To develop its ranking Lending Tree looked at the percentage of total purchase mortgage requests received from baby boomer borrowers. The larger share of requests from baby boomers, the higher the ranking a metropolitan area received.
Lending Tree Rankings
Coming in at #1 (most popular) was Las Vegas, Nevada. The last two slots (least popular) were #50 San Jose, CA and #49 San Francisco. Sacramento was ranked #10.
#1 Las Vegas, NV
- Share of mortgage requests coming from baby boomers: 19.97%
- Average baby boomer age: 63.2
- Credit score (average) among baby boomers: 681
- Average down payment amount among baby boomers: $52,262
- Requested loan amount (average) among baby boomers: $263,256
#50 San Jose, CA
- Share of mortgage requests coming from baby boomers: 6.93
- Average baby boomer age: 61.8
- Credit score (average) among baby boomers: 713
- Average down payment amount among baby boomers: $128,194
- Requested loan amount (average) among baby boomers: $523,180
#10 Sacramento, CA
- Share of mortgage requests coming from baby boomers: 12.46%
- Average baby boomer age: 62.4
- Credit score (average) among baby boomers: 685
- Average down payment amount among baby boomers: $59,287
- Requested loan amount (average) among baby boomers: $285,923
List of 50 Largest Metropolitan Areas by Rank
- Las Vegas, NV
- Tampa, FL
- Phoenix, AZ
- Miami, FL
- Jacksonville, FL
- Riverside, CA
- Orlando, FL
- San Diego, CA
- Virginia Beach, VA
- Sacramento, CA
- New Orleans, LA
- Providence, RI
- San Antonio, TX
- Baltimore, MD
- Birmingham, AL
- Richmond, VA
- Memphis, TN
- Portland, OR
- Charlotte, NC
- Atlanta, GA
- Oklahoma City, OK
- Raleigh, NC
- Los Angeles, CA
- Nashville, TN
- Houston, TX
- Hartford, CT
- Detroit, MI
- Seattle, WA
- Louisville, KY
- Philadelphia, PA
- Dallas, TX
- Louis, MO
- Boston, MA
- Austin, TX
- Chicago, IL
- Cleveland, OH
- Cincinnati, OH
- Indianapolis, IN
- Columbus, OH
- Denver, CO
- Washington, D.C.
- Salt Lake City, UT
- Kansas City, MO
- New York, NY
- Milwaukee, WI
- Pittsburg, PA
- Buffalo, NY
- Minneapolis, MN
- San Francisco, CA
- San Jose, CA
Ranking Data for California Cities (not shown above)
#6 Riverside, CA
- Share of mortgage requests coming from baby boomers: 13.73%
- Average baby boomer age: 62.7
- Credit score (average) among baby boomers: 683
- Average down payment amount among baby boomers: $53,586
- Requested loan amount (average) among baby boomers: $276,202
#8 San Diego
- Share of mortgage requests coming from baby boomers: 13.20%
- Average baby boomer age: 62.6
- Credit score (average) among baby boomers: 702
- Average down payment amount among baby boomers: $91,017
- Requested loan amount (average) among baby boomers: 409,620
#23 Los Angeles
- Share of mortgage requests coming from baby boomers: 10.49%
- Average baby boomer age: 62.3
- Credit score (average) among baby boomers: 693
- Average down payment amount among baby boomers: $97,495
- Requested loan amount (average) among baby boomers: $423,968
#49 San Francisco
- Share of mortgage requests coming from baby boomers: 7.55
- Average baby boomer age: 62.5
- Credit score (average) among baby boomers: 701
- Average down payment amount among baby boomers: $121,767
- Requested loan amount (average) among baby boomers: $518,364
To Sum Up
So, there you have it, your statistical fix for the day!
See related blog post: Where Does Sacramento Rank?
Comments on the Lending Tree Rankings?
Were you surprised by any of the data?
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