Upon evaluating the characteristics of Millennial female and male home buyers, the mortgage industry discovered a few interesting facts. For one, they found out that when it comes to buying a home, men of this generation have more luxurious taste compared to their female equivalent.
Based on this new information, the average Millennial male homebuyer obtained USD 11,000 higher loan compared to the average Millennial woman. These new findings would assist Utah mortgage lenders on how they deal with this generation.
More Finances, Lengthier Closing
Based on the present Millennial Tracker by Ellie Mae, Millennial men obtained an average of USD 197, 820 mortgage loan in October. Meanwhile, Millennial women got an average of USD 186,567 loan, which is more than USD 11,000 less for the similar period.
Furthermore, male millennial buyers also had greater FICO scores compared to women buyers in October, which averaged around 726 on purchase loans. Millennial women averaged only 721.
On the other hand, women buyers did get a higher average in the time-to-close category. Based on the Millennial Tracker, females averaged closing for 42 days, while males averaged 43.
Single Versus Married
According to Ellie Mae’s executive vice president of corporate strategy, Joe Tyrell, male Millennial buyers were more likely to be married compared to female homebuyers. Even though men compose a bigger percentage of total Millennial borrowers, the majority of them were married.
Meanwhile, he adds that they have been monitoring a fascinating trend throughout the year. He says that single women are purchasing homes much more compared to single men. In October, 60 percent of the females they recorded as the main borrower were single in comparison to 42 percent of men.
Mortgage rates are changing daily, and even though the rates went up a bit, it still did not discourage Millennials.