Realtor.com reports that nearly 65% of millennials (aged 21 to 34) used a real estate app or checked out a housing-related website in August.  Additionally, they are roughly 70% more likely than the average adult to be home shopping realtor.com.  So despite the challenging economic environment they have found themselves in, it would appear Millennials are very much interested in homeownership.  Unlike their parents and grandparents, they will not finance their first home with a 20% downpayment, so credit scores and other factors will be even more important in making homeownership a reality.

According to realtor.com, the profile of the average millennial who was approved for a mortgage during the first half of the year:

Credit Score: 714

Down payment: 7.1%

Mortgage rate: 4.03%

Debt-to-Income Ratio: 36%

So where are these millennials buying homes?  What markets are successfully (thanks to high levels of affordability and availability) capturing this powerful demographic?  The top 10 metros consist of (including community data from Trulia and Zillow):

10) Shreveport, LA - Population: 200,327 - Median home prices: $91,500 (1-year forecast: 3.4% gain)

9) New Orleans, LA - Population: 378,715 - Median home prices: $164,700 (1-year forecast: 2.7% gain)

8) Clarksville, TN - Population: 142,357 (doubled since 1990) - Median home prices: $132,900 (1-year forecast: 4% gain)

7) Madison, WI - Population: 243,344 - Median home prices: $201,700 (1-year forecast: 1.9% gain)

6) Grand Rapids, MI - Population: 192,294 - Median home prices: $106,100 (1-year forecast: 3.5% gain)

5) Lafayette, LA - Population: 124,276 - Median home prices: No data available

4) Pittsburgh, PA - Population: 305,841 (down from 369,991 in 1990) -Median home prices: $91,600 (1-year forecast: 1.8% gain)

3) Baton Rouge, LA - Population: 229,426 - Median home prices: $142,000 (1-year forecast: 1.4% gain)

2) Provo, UT - Population: 116,288 - Median home prices: $195,100 (1-year forecast: 4.8% gain)

1) Des Moines, IA - Population: 207,510 (not counting presidential candidates) - Median home prices: $111,800 (1-year forecast: 2.6% gain)