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Single Millennials Were Most Likely to Buy a Home in These Cities in July According to Ellie Mae Millennial TrackerBay City, Mich., Cheyenne, Wyo., and Norwalk, Ohio top the list of markets in which single Millennial homebuyers were more likely to close a mortgage loan in July than married homebuyers, according to the latest Ellie Mae Millennial Tracker™. More than half of single Millennial homebuyers last month were men (53 percent), compared to 40 percent who were women; the remaining seven percent were unspecified. Single homebuyers borrowed $172,904, on average, and had an average FICO score of 720.
"Millennials are purchasing more homes than any other generation, and we're seeing many single borrowers take advantage of opportunities now rather than waiting to purchase a home around a big life event such as getting married or starting a family," said Joe Tyrrell, executive vice president of corporate strategy for Ellie Mae. "We're also seeing Millennials get more for their money by purchasing homes in affordable markets." In comparison, Aberdeen (News - Alert), S.D., Indiana, Pa., and Odessa, Texas were the top markets in which married Millennial homebuyers were more likely to close a mortgage loan in July than their single counterparts. Sixty-seven percent of married Millennial primary borrowers last month were men, compared to 25 percent who were women; the remaining eight percent were unspecified. Married homebuyers borrowed $277,651, on average, and had an average FICO score of 729.
Additional findings from the July 2018 Ellie Mae Millennial Tracker include:
Ellie Mae® (NYSE: ELLI) is the leading cloud-based platform provider for the mortgage finance industry. The Ellie Mae Millennial Tracker is an interactive online tool that provides access to up-to-date demographic data about this new generation of homebuyers. It mines data from a robust sampling of approximately 80 percent of all closed mortgages dating back to 2014 that were initiated on Ellie Mae's Encompass® all-in-one mortgage management solution. Given the size of this sample and Ellie Mae's market share, it is a strong proxy of Millennial mortgage indicators across the country. Searches can be tailored by borrower geography, age, gender, marital status, FICO score and amortization type. For more information, visit http://elliemae.com/millennial-tracker. ABOUT THE ELLIE MAE MILLENNIAL TRACKER The Ellie Mae Millennial Tracker focuses on Millennial mortgage applications during specific time periods. Ellie Mae defines Millennials as applicants born between the years 1980 and 1999. New data is updated on the first Monday of every month for two months prior. The Millennial Tracker is a subset of our Origination Insight Report, which details aggregated, anonymized data pulled from Ellie Mae's Encompass origination platform. Additional information regarding the Origination Insight Report can be found at http://elliemae.com/resources/origination-insight-reports. News organizations have the right to reuse this data, provided that Ellie Mae, Inc. is credited as the source. ABOUT ELLIE MAE Ellie Mae (NYSE:ELLI) is the leading cloud-based platform provider for the mortgage finance industry. Ellie Mae's technology solutions enable lenders to originate more loans, reduce origination costs, and shorten the time to close, all while ensuring the highest levels of compliance, quality and efficiency. Visit EllieMae.com or call 877.355.4362 to learn more. © 2018 Ellie Mae, Inc. Ellie Mae®, Encompass®, AllRegs®, Mavent®, Velocify®, the Ellie Mae logo and other trademarks or service marks of Ellie Mae, Inc. appearing herein are the property of Ellie Mae, Inc. or its subsidiaries. All rights reserved. Other company and product names may be trademarks or copyrights of their respective owners. View source version on businesswire.com: https://www.businesswire.com/news/home/20180905005233/en/ |