Last year, millennials purchased mortgages in extraordinarily high numbers in certain areas. According to SmartAsset, over 33,000 conventional mortgages were issued to people 25 to 44 years old in one metropolitan area alone.
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In some instances, up to 4.5% of millennials local to the area purchased homes last year. For people in the market, here are 10 cities where millennials are buying homes right now and whether they are worth the price.
Also see 10 cities where home values are rising in 2025.
Raleigh-Cary, North Carolina
According to SmartAsset, the Raleigh-Cary metro area was the No. 1 market where local millennials purchased a home last year. The research indicated that 4.5% of people between the ages of 25 and 44 bought a house, and nearly 20,000 millennial mortgages were originated. The median income of the mortgagor was $138,000, while the median property value was $455,000.
While home prices in the area are above the national average of $369,147 listed by Zillow, the average millennial income there was significantly higher than the median $80,610 provided by the U.S. Census Bureau.
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Indianapolis-Carmel-Greenwood, Indiana
In 2024, millennials also flocked to the Indianapolis-Carmel-Greenwood area in Indiana. Of the over 600,000 local residents aged 25 to 44 in the region, a considerable 4.32% bought a home last year in the metropolitan area.
The median income of millennial homebuyers in Indianapolis was $103,000, while the median property value for mortgages issued to millennials in the region was $325,000. That’s a steal considering the income is above the national average and the home price is below.
Charlotte-Concord-Gastonia, North Carolina-South Carolina
Another popular hotspot for millennials to buy last year was the Charlotte-Concord-Gastonia area across the Carolinas.
Around 4.28% of local millennials bought a home in the area in 2024. Nearly 34,000 conventional mortgages were issued to residents between the ages of 25 to 44, making it a millennial paradise.
Nashville-Davidson-Murfreesboro-Franklin, Tennessee
In 2024, slightly over 4% of local millennials purchased homes in the greater Nashville area of Tennessee. The region includes Nashville, Davidson, Murfreesboro and Franklin. The median income of millennials who purchased homes was $123,000, well above the national average.
A low cost of living may be enticing millennials to commit to the area. Nashville is also becoming a hub for corporate headquarters. Companies like Oracle are moving to the city, according to The Tennessean.
Cincinnati, Ohio-Kentucky-Indiana
In Cincinnati, people between the ages of 25 and 44 make up over 26% of the population, and they aren’t planning on leaving the area anytime soon. As reported by SmartAsset, over 4% of local millennials purchased a home in the area in 2024.
The city has a low cost of living and a booming job market, according to the University of Cincinnati, which could contribute to drawing young adults to the region.
Louisville-Jefferson, Kentucky-Indiana
Over 14,700 conventional mortgages were issued to millennials in the Louisville-Jefferson area. While the median income of millennial homebuyers in the area was $91,000, the average mortgage issued to the age group in 2024 was $285,000, which is well below the national average.
This makes the Louisville metropolitan area highly affordable for young adults and young families.
Virginia Beach-Chesapeake-Norfolk, Virginia-North Carolina
Ranking seventh on the list was the Virginia Beach-Chesapeake-Norfolk area, which spans both Virginia and North Carolina. In 2024, 4.02% of local millennials bought a home in the region. Individuals aged 25 to 44 make up nearly 29% of the population in the metropolitan area.
The area is renowned for its low cost of living, stunning scenery and Southern charm.
Milwaukee-Waukesha, Wisconsin
With stunning lake views, the Milwaukee-Waukesha area of Wisconsin has become a hotspot for millennials. In 2024, over 16,000 millennials received conventional mortgages in the area. Buying a home is affordable, and the median income in the region for millennial homebuyers was $119,000 last year.
Jacksonville, Florida
Nearly 18,000 sun-seeking millennials purchased homes in Jacksonville, accounting for 3.81% of local millennials. For job seekers, Jacksonville is a good bet. The city is seeing health job growth that’s above the national average, and the cost of living is 4.3% below the national average, per BestPlaces.
St. Louis, Missouri-Illinois
Coming in 10th on the list was the St. Louis metro region. Approximately 3.8% of local millennials purchased homes in the area in 2024. The median property value for the mortgages issued to millennials was $305,000, and the median income for the age group was $106,000. The area is highly affordable, particularly for young families or professionals just starting out.
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This article originally appeared on GOBankingRates.com: 10 Affordable Cities Where Millennials Are Buying Homes — Are They Worth It?
