I recently came across a fun new tool from Ellie Mae called the Ellie Mae Millennial Tracker. Each month, data will be added to give an up to date perspective on the demographic make-up of today’s Millennial home buyer – the ones expected to dominate home buying in 2016 and beyond. Looking at the Seattle-Tacoma-Bellevue MSA data, here’s what Ellie Mae shares about these young buyers.
- 67% of primary borrowers are male
- Average age of borrowers is 30 years old
- Average loan amount is a little over $282K
- 4% average note rate
- 82% were for purchase of a home
What I thought most interesting was that 46% of borrowers are single. Long gone are the traditional life-markers of marriage then house and kids.