Single Millennials Were Most Likely to Buy a Home in These Cities in July According to Ellie Mae Millennial Tracker
Percentage of Closed Loans by Single Millennial Borrowers (July 2018)
|City||Percentage of Closed Loans by Single Millennials (July 2018)|
|Bay City, Mich.||82 percent|
|Cheyenne, Wyo.||82 percent|
|Norwalk, Ohio||80 percent|
|Batavia, N.Y.||77 percent|
|New Philadelphia – Dover, Ohio||76 percent|
|Pocatello, Idaho||76 percent|
|Williston, N.D.||76 percent|
|Columbus, Ind.||72 percent|
|College Station – Bryan, Texas||71 percent|
|Ames, Iowa||71 percent|
|Minot, N.D.||71 percent|
|Faribault-Northfield, Minn.||70 percent|
“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
Percentage of Closed Loans by Married Millennial Borrowers (July 2018)
|City||Percentage of Closed Loans by Married Millennials (July 2018)|
|Aberdeen, S.D.||76 percent|
|Indiana, Pa.||71 percent|
|Odessa, Texas||69 percent|
|Charleston, W.Va.||59 percent|
|Austin, Minn.||59 percent|
|Midland, Texas||58 percent|
|Bay City, Mich.||54 percent|
|Sioux Falls, S.D.||53 percent|
|Mankato-North Mankato, Minn.||52 percent|
|Findlay, Ohio||52 percent|
|Winona, Minn.||52 percent|
|Anchorage, Alaska||52 percent|
Additional findings from the
- Purchases made up 90 percent of all closed loans to Millennials, slightly down from 91 percent in June. Eight percent of home loans were for refinances, holding steady from the month prior, while 2 percent were unspecified.
- Conventional loans remained the most popular among Millennial borrowers at 68 percent of total closed loans in July. FHA loans accounted for 27 percent of closed loans. VA loans were just two percent of all closed loans. The remaining three percent were undisclosed.
Millennial males (both single and married) were listed as the primary
borrower on 61 percent of closed loans in July, while females were
listed on 32 percent and seven percent were unspecified. By
July 2017, males were listed as the primary borrower on 64 percent of closed loans, females were listed on 33 percent and three percent were unspecified.
- The average age of all Millennial borrowers was 29.8, essentially flat from 29.9 in June.
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.
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