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 26 percent, the Washington D.C. metro is below the national average. Although skewing slightly more to male buyers than the national average, almost 10 percent of the demographic wouldn’t identify themselves to a specific gender.

Screen Shot 2016-06-08 at 12.42.27 AM

With an average loan amount of more than $325,000, D.C. isn’t on the affordable end for millennial homebuyers, which might be why almost 20 percent of loans are for refinancing instead of purchasing.

 

Screen Shot 2016-06-08 at 12.42.41 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
Success!
Thank you for subscribing to Morning Headlines.
Back to top
We're giving away 3 free ICLV tickets at Connect Now next week. Register and attend live for your chance to win!REGISTER×
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