Of all homes purchased or refinanced during the first quarter using a mortgage / home loan, in the Phoenix Metro area, millennials made up 26%, with 22% in Tucson and 31% in the Yuma area in Arizona.
According to the Cromford Report, Ellie Mae has introduced what they call their “Millennial Tracker™” , which provides some statistics about mortgages closed by millennial borrowers (born 1980-1999). For the Phoenix metro area, they report that:
- millennials comprise 26% of all borrowers
- 45% of millennial borrowers were married
- average age was 29
- average loan amount was $195,966
- 85% of loans were for purchase and 15% for refinancing
- 52% of loans were conventional with 47% FHA and 1% VA
- average loan took 45 days to close
- average FICO score for successful borrower was 716
- average appraised value was $225,199
- average loan-to-value was 89%
- In the Tucson metro area, only 22% of borrowers were millennials.
Across the country the percentage of borrowers who were millennials varied from lows of 10% (Sarasota FL and Myrtle Beach SC) to 45% (Laredo TX). The northeast and mid west has the highest percentage of millennial borrowers. Most of California has low percentages, probably because of extremely high prices. For example San Francisco is 16%, Los Angeles 16% and San Diego 17%.
All this data relates to the first quarter of 2016 and you can examine for yourself here.
[Photo credit: Elizabeth Hahn]