Battle of the sexes
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.
More money, longer closing
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.
Single versus married
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.
“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.”
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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With mortgage rates at historic lows, it’s no surprise many Millennials are entering the housing market in droves. Shop around and see what rates you qualify for today.