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!