Millennials are setting home buying records!
Millennial’s are buying new homes in record numbers, according to Ellie Mae‘s latest Millennial Tracker Survey*.
- 89% of mortgage loans made to Millennial borrowers during May, 2018 were for new home purchases. This is up one percentage point from April, 2018 and the highest percentage since May 2017.
The average age of millennial borrowers is 29.9. The average FICO score for millennial borrowers is 721.- The Midwest continues to be the most popular market for Millennial’s with more affordable housing.
- More single millennial women are buying homes than single millennial men. 60% of women who were listed as the primary borrower were single, compared to 42% of men.
- All is not rosy for Millennial buyers, according to a recent Harris Poll. 87% of Millennial’s are encountering obstacles that delay their home buying plans:
- 17% do not have a stable job;
- 15% still owe student debt;
- rising home prices continue to be an issue;
- decreased house inventory is contributing to the difficulty
*Ellie Mae defines Millennials as Americans born in the 1980s and 1990s | Ellie Mae is the leading cloud-based platform provider for the mortgage finance industry
Whether you’re a millennial looking to buy your first home, or a seasoned homeowner looking for a new home, contact the Seay Realty Group. We’ve been helping people buy homes they love since 2006!
