Millennials aren’t just a trendy group to rant about as you see some young people immersed in their phones during a speechless dinner. They’re also one of the largest demographics of homebuyers and borrowers in the nation.
With the new Ellie Mae Millennial Tracker, real estate professionals can track closed loan application trends among millennials (homebuyers born between 1980 and 1999) throughout markets across the country. Here are some takeaways from the latest report:
- The average closed loan amount among millennials in the U.S. is $179,618.
- Purchase accounted for 83 percent of those loans. Refinance accounted for 16 percent.
- 66 percent of millennial loan applicants are male and 32 percent are female, with 52 percent being married.
- The average days it took for a loan to close was 44.
At a closed loan rate of 30 percent, Chicago millennials have slightly more closed loans than the national average. A higher-than-average number of borrowers in the metro are male, at almost 70 percent.
The average loan amount in Chicago was moderately higher than the rest of the country at $198,234, but hardly the numbers seen in Los Angeles or other major metros. It also took a little longer for millennials to close in Chicago than the national average.