10 Places Where Young Homebuyers Are Getting the Most Mortgages

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Happy young homeowner couple
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Younger Americans dominated the pool of folks who took out new mortgages last year.

Buyers under the age of 35 accounted for 39.7% of new mortgages issued in 2023, according to a recent analysis by real estate brokerage firm Redfin. In addition, 27% of mortgages went to buyers between the ages of 35 and 44.

The study did not analyze investment properties or second homes.

Overall, the median age for first-time homebuyers is now 35. Here are the metropolitan areas with the most new homebuyers under age 35, an age group that includes younger millennials or members of Generation Z.

10. St. Louis, MO

St. Louis, Missouri
KENNY TONG / Shutterstock.com

Share of new mortgages issued in this metro in 2023 by age group:

  • Under age 35: 43.3%
  • Ages 35-44: 25.2%
  • Ages 45-54: 14.4%
  • Ages 55-64: 10.2%
  • Ages 65-74: 5.5%

St. Louis was home to the nation’s first gas station. Alas, the Missouri city also has the dubious honor of having been the site of America’s first traffic accident.

8. Denver, CO (tie)

Denver skyline
Andrew Zarivny / Shutterstock.com

Share of new mortgages issued in this metro in 2023 by age group:

  • Under age 35: 43.7%
  • Ages 35-44: 28%
  • Ages 45-54: 15%
  • Ages 55-64: 8.3%
  • Ages 65-74: 3.8%

Denver has fully earned its nickname as the Mile High City: A step on the Colorado Capitol marks the spot where the elevation is 5,280 feet — exactly 1 mile — above sea level.

8. Milwaukee, WI (tie)

The Bronze Fonz statue
Nejdet Duzen / Shutterstock.com

Share of new mortgages issued in this metro in 2023 by age group:

  • Under age 35: 43.7%
  • Ages 35-44: 25.5%
  • Ages 45-54: 14.4%
  • Ages 55-64: 10.1%
  • Ages 65-74: 4.9%

The downtown Milwaukee Theater District has 15,000 theater seats. That means the area ranks No. 1 for theater seats per capita in the United States.

7. Cleveland, OH

Allen G. / Shutterstock.com

Share of new mortgages issued in this metro in 2023 by age group:

  • Under age 35: 44.1%
  • Ages 35-44: 23.4%
  • Ages 45-54: 14.6%
  • Ages 55-64: 10.8%
  • Ages 65-74: 5.6%

When the lights went on in the Public Square in Cleveland, Ohio, in 1879, it became the first city lit by electricity.

6. Minneapolis, MN

Minneapolis, Minnesota
Pinkcandy / Shutterstock.com

Share of new mortgages issued in this metro in 2023 by age group:

  • Under age 35: 45.7%
  • Ages 35-44: 26.6%
  • Ages 45-54: 13.5%
  • Ages 55-64: 8.8%
  • Ages 65-74: 4.2%

Minneapolis has a reputation as a bone-chilling place where residents suffer through brutal winters. So, perhaps it’s a little surprising that the city has more golfers per capita than any other in the U.S.

5. Warren, MI

Veterans Memorial Park in Warren Michigan
Jerry Kozlowski / Shutterstock.com

Share of new mortgages issued in this metro in 2023 by age group:

  • Under age 35: 46%
  • Ages 35-44: 23.9%
  • Ages 45-54: 14.4%
  • Ages 55-64: 9.6%
  • Ages 65-74: 4.7%

Warren is home to the General Motors Technical Center. That means the Michigan city has played a key role in the evolution of the automobile.

4. Detroit, MI

Detroit, Michigan
Susan Montgomery / Shutterstock.com

Share of new mortgages issued in this metro in 2023 by age group:

  • Under age 35: 46.1%
  • Ages 35-44: 23.4%
  • Ages 45-54: 15.4%
  • Ages 55-64: 9.3%
  • Ages 65-74: 4.3%

In 1879, Detroit became the first city to move beyond the “party line” and create individual phone numbers.

3. Philadelphia, PA

Love Park statue in Philadelphia
f11photo / Shutterstock.com

Share of new mortgages issued in this metro in 2023 by age group:

  • Under age 35: 46.3%
  • Ages 35-44: 28%
  • Ages 45-54: 13.4%
  • Ages 55-64: 8.2%
  • Ages 65-74: 3.3%

Mural Arts Philadelphia is the largest public art program in America. Each year, it helps to foster dozens of public art projects in communities across Pennsylvania’s largest city.

2. Cincinnati, OH

Street scene in Cincinnati, Ohio
aceshot1 / Shutterstock.com

Share of new mortgages issued in this metro in 2023 by age group:

  • Under age 35: 46.5%
  • Ages 35-44: 23.7%
  • Ages 45-54: 13.9%
  • Ages 55-64: 9.3%
  • Ages 65-74: 5%

Three U.S. presidents — Ulysses S. Grant, Benjamin Harrison and William Howard Taft — were born in the Cincinnati area. A fourth — William Henry Harrison — lived in the Ohio city after his presidency was over.

1. Pittsburgh, PA

Pittsburgh, Pennsylvania
Sean Pavone / Shutterstock.com

Share of new mortgages issued in this metro in 2023 by age group:

  • Under age 35: 48%
  • Ages 35-44: 25.1%
  • Ages 45-54: 12.1%
  • Ages 55-64: 8.5%
  • Ages 65-74: 4.9%

Pittsburgh has 446 bridges — more than you will find in Venice, Italy. This Pennsylvania city is the largest inland port in the United States.

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