New Data Identifies the Average Millennial Mortgage Borrower – NMP
Industry News

New Data Identifies the Average Millennial Mortgage Borrower

Oct 04, 2017
For the sixth consecutive year, Millennials are the dominant force in the homebuyer market, according to new data from the National Association of Realtors (NAR)

The average Millennial mortgage borrower in August was a 29.4-year-old who took out a conventional loan of $185,919 to purchase a home with an average appraised value of $223,882, according to a data analysis from Ellie Mae, which also determined the average homebuyer in this demographic had a FICO score of 724 and closed on their home in 44 days.
 
Sixty-four percent of primary Millennial mortgage borrowers in August were male, while 52 percent of borrowers were married. Conventional loans were 64 percent of all closed loans by this generation, while FHA mortgages accounted for 32 percent. And this demographic was overwhelmingly focused on the purchase market, with refinances accounting for only 12 percent of loans closed by Millennials in August.
 
But that’s not to say that female Millennials were passive observers. Female Millennial homebuyers closed loans in August averaging $189,574, up year-over-year from $184,094. Males took a smaller jump, averaging $196,246 in August versus $194,913 last year.
 
“Average loan amounts in August of this year were slightly higher than last year, despite higher interest rates,” said Joe Tyrrell, Executive Vice President of Corporate Strategy for Ellie Mae. “As tends to happen with tight inventories, this is a seller’s market, and many of today’s homebuyers may be faced with paying a premium for the same home they might have bought for less last year. For those who are committed to buying a home, though, slight increases in competition, costs or interest rates will likely not deter them.”
 
However, Millennials are only the dominant homebuying force in smaller markets. Ellie Mae reported the top five markets where Millennial borrowers represented the highest percentage of homebuyers in August were Lima, Ohio; Batavia, N.Y.; Dyersburg, Tenn.; Roswell, N.M.; and Kendallville, Ind.
 
About the author
Phil Hall
Link copied
Published
Oct 04, 2017
Get the NMP Daily
Rural Lending
CHLA Warns USDA Relocation Could Disrupt Rural Loan Overhaul

Trade group says the loss of experienced Rural Housing Service staff could complicate delegated underwriting, lender onboarding, and program guidance

The Community Home Lenders of America (CHLA) is warning that a planned relocation of Rural Housing Service personnel could disrupt the agency’s implementation of delegated underwriting authority for USDA-backed mortgages.In a letter to USDA Deputy Secretary Stephen Vaden, CH...

Continue reading
Analysis and Data
Mortgage Servicer Satisfaction Rises Despite Borrower Strain

J.D. Power finds better digital service, fee transparency, and issue resolution are strengthening trust while homeowners face mounting financial pressure

Mortgage servicers are earning higher marks from homeowners even while a growing share of borrowers report financial stress, rising escrow payments, and concerns about foreclosure.Overall satisfaction with mortgage servicers increased 11 points this year to 607 on a 1,000-po...

Continue reading
Renew your NMLS License — for free.

Enjoy access to a free NMLS renewal class when you attend an in-person event.

Find an event
More from
Industry News
New Study Finds UWM's 'All-In' Triggered Industrywide Pricing Spillovers

Research shows wholesale competitors responded to the 2021 Rocket ban by lowering mortgage rates,

Industry News
Jul 15, 2026
First Major Housing Reform In Decades Becomes Law Without Trump's Signature

Bipartisan ROAD to Housing Act advances supply, construction, and mortgage reforms despite White House protest

Industry News
Jul 10, 2026
Mortgage Star Conference Honors Women Shaping The Future Of Mortgage Leadership

MWLC honors leaders driving innovation, mentorship, and growth across the mortgage industry

Industry News
Jul 09, 2026
June Jobs Report Improves Mortgage Rate Outlook

Slower hiring strengthens bonds and eases concerns over additional Fed tightening

Industry News
Jul 02, 2026
NEXA Founder Mike Kortas Launches evoLend To Help Originators Retain Borrowers

New Fannie Mae-, Freddie Mac- and Ginnie Mae-approved mortgage servicer aims to keep originators connected to borrowers through servicing data, payoff visibility and retention tools

Industry News
Jul 02, 2026
President Trump Cancels 21st Century ROAD To Housing Act

Trump cancels signing the bipartisan housing bill, leaving affordability package in limbo

Industry News
Jun 24, 2026