Introduction: The Homebuying Experience for Millennial Men and Women
It appears that Millennial men have more expensive tastes than their female counterparts – at least when it comes to home buying. According to new data, the average male Millennial homebuyer got an $11,000 higher loan than the average Millennial woman.
Millennial Men Spend More: The Gender Loan Gap
According to Ellie Mae’s latest Millennial Tracker, Millennial men took out an average mortgage loan of $197,820 in October. Millennial women took out an average loan of $186,567 – just over $11,000 less for the same time period.
In addition, male Millennial buyers also had higher FICO scores than female buyers in October, averaging about 726 on purchase loans. Millennial women averaged 721.
Female buyers did come out on top in the time-to-close category. According to the Millennial Tracker, women averaged 42 days to close, while men averaged 43.
According to Joe Tyrell, Ellie Mae’s executive vice president of corporate strategy, the male Millennial homebuyer was also more likely to be married than the female buyer.
Marriage Trends: How Marital Status Affects Millennial Homebuyers
“While men make up the larger percentage of overall Millennial borrowers, most of them are married,” Tyrell said.
“An interesting trend we’ve been tracking all year is that single women are buying homes much more than single men. Sixty percent of women who were listed as the primary borrower in October were single, compared to 42 percent of men.”
Popular Regions: Where Millennial Men and Women Are Buying Homes
The Midwest and South were the most popular areas for Millennial buyers in October, regardless of gender. The top metros were Marshall, Minnesota; Victoria, Texas; and Lawton, Oklahoma.
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