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 31 percent, Houston’s millennials have slightly more closed loans than the national average. Like national trends, a high number of borrowers in the metro are male, and a sizable portion of the relatively young millennial demographic remains single.
The average loan amount in Houston is almost $30,000 more than the U.S. average, but the days it took to close in Houston was nearly identical with the national trend. Approximately nine out of 10 loans in Houston were for purchasing — higher than the national average.