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.

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.

Screen Shot 2016-06-08 at 12.02.29 AM

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.

Screen Shot 2016-06-08 at 12.54.51 AM

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.

Screen Shot 2016-06-08 at 12.55.00 AM

Show Comments Hide Comments

Comments

Sign up for Inman’s Morning Headlines
What you need to know to start your day with all the latest industry developments
By submitting your email address, you agree to receive marketing emails from Inman.
Success!
Thank you for subscribing to Morning Headlines.
Back to top
Hear from Realogy, Pacaso, SERHANT., Spotify, Redfin, Douglas Elliman, and 100+ more leaders at ICNY.Register now×
Limited time: Get 30 days of Inman Select for $5.SUBSCRIBE×
Log in
If you created your account with Google or Facebook
Don't have an account?
Forgot your password?
No Problem

Simply enter the email address you used to create your account and click "Reset Password". You will receive additional instructions via email.

Forgot your username? If so please contact customer support at (510) 658-9252

Password Reset Confirmation

Password Reset Instructions have been sent to

Subscribe to The Weekender
Get the week's leading headlines delivered straight to your inbox.
Top headlines from around the real estate industry. Breaking news as it happens.
15 stories covering tech, special reports, video and opinion.
Unique features from hacker profiles to portal watch and video interviews.
Unique features from hacker profiles to portal watch and video interviews.
It looks like you’re already a Select Member!
To subscribe to exclusive newsletters, visit your email preferences in the account settings.
Up-to-the-minute news and interviews in your inbox, ticket discounts for Inman events and more
1-Step CheckoutPay with a credit card
By continuing, you agree to Inman’s Terms of Use and Privacy Policy.

You will be charged . Your subscription will automatically renew for on . For more details on our payment terms and how to cancel, click here.

Interested in a group subscription?
Finish setting up your subscription