After waiting years for the right time to buy, millennials are now getting on the property ladder in droves, especially in California’s Bay Area.
Read more: What Is a Mortgage? Types & How They Work
In San Francisco, 37.8 percent of new mortgages issued last year went to older millennials aged between 35 and 44, according to Redfin analysis of Home Mortgage Disclosure Act (HMDA) data covering purchases of primary homes. It’s the biggest share of mortgages taken by older millennials in 2023 out of all the 50 most populous metropolitan areas analyzed by the real estate platform.
The other California cities where the share of new mortgages issued to homebuyers aged 35 to 44 was above the 37 percent mark were Oakland, with 37.2 percent, and San Jose, 37.1 percent, Anaheim with 33.2 percent; Los Angeles with 34.5 percent; Riverside with 28.8 percent; Sacramento with 30.9 percent; and San Diego with 31.8 percent.
San Francisco was the city with the highest shares of new mortgages going to older millennials last year, according to a Redfin report. San Francisco was the city with the highest shares of new mortgages going to older millennials last year, according to a Redfin report. Photo-illustration by Newsweek
This is hardly a record that older millennials might be willing to celebrate.
According to Redfin, the reason why so many older millennials are taking out mortgages and buying their first homes in California’s Bay Area compared to other areas of the country
Millennials Homeownership Is Soaring in California
