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 16 percent, San Francisco is considerably lower than the national average. The average age of the millennial borrower also skewed older in San Francisco at more than a year over the rest of the country’s average.
The average loan in amount in San Francisco was a whopping $291,334 higher than the national average, which is less surprising after a quick look into the Bay Area housing market. Also an outlying statistic compared to other markets is the amount of loans for refinancing, which is 28 percent higher than the rest of the country.