Over the past couple years; we've been in a number of meetings and conversations where someone says something along the lines of this when it comes to Millennials buying homes around the Puget Sound… “yeah, I know they’re important and buying homes, but I’ve read that they can’t afford homes here so they’re not buying, but still renting”
Nope; not the case at all – all the national data that exists is near spot on with what’s happening right here in the Greater Puget Sound. Take a look over the following.
In the most recent 2017 National Association of Realtors Buyer and Seller Survey; nationally, Millennials are making up the greatest percent of buyers, at about 35%.
So, you ask, how do we compare locally?
The Ellie Mae Millennial Tracker mines data from a robust sampling of approximately 66 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's a strong proxy of millennial mortgage indicators across the country.
Take a look at the percent of closed loans for Puget Sound area homebuyers born 1980-1999 (18-37 years old; aka Millennials). Right there near the 35% nationally. About 1/3 in the Seattle/Tacoma/Bellevue MSA!
So the next time someone tells you that Millennials are far too delayed in owning homes in the Puget Sound; and that you don't need to pay special attention to them yet; you're good to tell them they're wrong!