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.
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