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.
With a closed loan rate of 22 percent, Miami is below the national average. The average age of the millennial borrower (30) is slightly older than the rest of the U.S., and a higher percentage of the demographic is single.
The average loan amount in Miami isn’t quite as high as other luxury metros but still remains more than $45,000 above the national average. However, the smaller loans could be why the purchase rate among loan purpose (88 percent) is more in-line with national averages.