Millennial homebuyers facing limited housing options are finding some success in key markets in Minnesota and North Dakota, according to the latest Ellie Mae Millennial Tracker™. The share of mortgage loans made to millennials in May were highest in Austin and Hutchinson, Minn., Williston, N.D., and Wahpeton, N.D.-Minn.
There are significant patterns emerging for those choosing to buy in the Midwest, says Joe Tyrrell, executive vice president of Corporate Strategy for Ellie Mae.
“Our data shows that millennials are continuing to establish roots where housing is more affordable and there are increasingly more jobs,” says Tyrrell. “While overall, less than half (48 percent) of millennials who closed loans in May were single, in markets like Hutchinson, Minn., the majority of borrowers were single men. This suggests millennials may be embracing homeownership in these areas for reasons other than what we have historically seen, which was family formation.”
Millennials continue to favor conventional loans, which comprised 62 percent of all loans made to them in May, the Tracker shows. Thirty-four percent of all loans were FHA.
Source: Ellie Mae
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