The Millennial home buyer gender gap: male vs. female mortgage characteristics

Battle of the sexes

It seems 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.

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.”

Location, location…

The Midwest and South were the most popular areas for Millennial buyers in October, regardless of gender.


This originally appeared on TheMortgageReports.com

CONTACT US

We'd love to hear from you. Please fill out the form below and we'll get back to you as soon as possible.

Sending

©  PREPA Long Beach | Website by Kahlo | Real Estate Marketing

Log in with your credentials

or    

Forgot your details?