Millennials Are Taking Out More Purchase Loans In Cities Big And Small

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June 09, 2017

Purchase loans among Millennial buyers continued to increase in April, rising to 89 percent of the market share, up from 88 percent in March.

HousingWire reports that while Millennials are targeting smaller, more affordable housing markets in the South and Midwest, such as Dalton, Ga., and Appleton, Wis., the amount of closed loans has increased in bigger, more expensive cities such as New York City and San Francisco.

“This new generation of homebuyers is making its presence felt across the country,” said Joe Tyrrell, Ellie Mae executive vice president of corporate strategy. “Since the beginning of 2016, the percentage of Millennials purchasing homes in the Bay Area has actually increased from 16% to 20%.”

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