Market Overview

Single Millennials Were Most Likely to Buy a Home in These Cities in July According to Ellie Mae Millennial Tracker

Share:

Bay 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.

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 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, 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.

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 July 2018 Ellie Mae Millennial Tracker
include:

  • 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
    comparison, in 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.
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 Comments and Join the Discussion!