Loan size differs by gender among millennials: Ellie Mae
Men listed as the primary borrower on a mortgage on average get approved for larger-balance loans than women, Ellie Mae finds in its latest Millennial Tracker survey.
The average loan taken out by male millennials is $197,820, compared to $186,567 for women, according to Ellie Mae's analysis of October data.
The latest data also bore out past findings that when married couples are included, millennial men as primary borrowers make up a larger percentage of home buyers. But when it comes to single millennials, women are more active home buyers and borrowers than men.
"Sixty percent of women who were listed as the primary borrower in October were single, compared to 42% of men," said Joe Tyrrell, executive vice president of corporate strategy Ellie Mae, in a press release.
The credit scores of female borrowers also continue to be lower on average than men's credit scores. Women's average credit score was 721 for approved loans in the purchase market and 730 for refinances. Men's average credit score was 726 for purchase loans and 735 for refinances.
Regardless of gender, millennials during October preferred to buy homes in the Midwest and Texas, where affordability is strong.
The top three metropolitan statistical areas millennials got loans in were Marshall, Minn.; Victoria, Texas; and Lawton, Okla., according to Ellie Mae.
Ellie Mae each month breaks out mortgage data from users of its origination system into two reports: an initial study reflecting broader trends, and then an analysis of different findings specific to millennials.
Millennials have become a focal point for lenders because their generation currently dominates the working U.S. population.