PLEASANTON, Calif.--(BUSINESS WIRE)--While Millennials continue to compete for available housing inventory, which remains tight, Ellie Mae data showed that Millennials are attracted to more affordable real estate markets, particularly in the upper Midwest. According to data from the May Ellie Mae Millennial Tracker™, Hutchinson, Minn., Wahpeton, N.D.-Minn., Austin, Minn. and Williston, N.D. had the highest percentages of loans being made to Millennial borrowers. Anniston-Oxford-Jacksonville, Ala. rounded out the top-five markets.
“Our data shows that Millennials are continuing to establish roots where housing is more affordable and there are increasingly more jobs,” said Joe Tyrrell, executive vice president of corporate strategy for Ellie Mae. “While overall, less than half (48 percent) of Millennials who closed loans in May were single, in markets like Hutchinson, Minn., the majority of borrowers were single men. This suggests millennials may be embracing homeownership in these areas for reasons other than what we have historically seen, which was family formation.”
Other key findings from the May 2017 Ellie Mae Millennial Tracker include:
- Conventional mortgages remained the most popular with Millennial borrowers, making up 62 percent of all loans made to them, up from 61 percent in April
- The percentage of Millennials taking out FHA loans fell another point to 34 percent, continuing a one-point-per-month slide that began in March
- FHA Refinance loans took 55 days to close in May, nearly a week longer than the 49 days it took in April
- VA Purchase Loans shaved a few days off the time-to-close, falling to 42 days from 45 days on average
Ellie Mae® (NYSE:ELLI) is a leading provider of innovative on-demand software solutions and services for the residential mortgage 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.
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