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 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.
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.