From January to September 2017, 40 percent of homebuyer loan applications were attributed to millennials. However, homebuying trends for younger (born 1990-1997) and older (born 1981-1989) millennials differ regarding credit history, savings, and income levels.
Younger millennials have the highest average loan-to-value and debt-to-income ratios, often including student loan debt, with less work experience. CoreLogic's data show that approximately 90 percent of younger millennials' applications had an LTV ratio above or equal to 80 percent, compared with 82 percent for the older millennials.
Younger millennial applicants have contracts to buy the least expensive homes at an average home price of $213,800 compared with $319,700 for older millennials, $374,000 for Generation Xers, $336,200 for baby boomers, and $315,400 for the silent generation.
Advertisement
Related Stories
New-Home Sales
New-Home Sales Steady During February
A small increase in mortgage rates during February led to a flat reading for new-home sales
Market Data + Trends
Hottest Markets for Rental Activity in February
Looking at February's rental activity, the West continued to be the most desirable region for apartment hunters for the second month in a row, with the South close behind
Market Data + Trends
Looking Ahead: Second-Quarter Housing Market Trends
Industry pros offer insights about what real estate trends we can expect to see during the next three months