If you’re a man, it seems your home loan application has a greater chance of getting a green light than a woman’s in your same age range, so reports Ellie Mae’s latest Millennial Tracker, an interactive online tool that provides access to up-to-date demographic data points about homebuyers born between the years 1980 and 1999.
Millennial men who were listed as the primary borrower for a loan gained approval for an average amount of $197,820 in October, the study notes. On the other hand, Millennial women got a go-ahead for an average loan amount of $186,567, or $11,253 less than Millennial men.
All that data aside, while women got the nod for lower loan amounts, they closed their loans quicker. On the average, it took women 42 days to close, regardless of whether the loan was for a purchase or a refinance. Alternatively, men spent an average of 43 days to seal the deal on a purchase loan and 45 days for a refi.
Additionally, women also were approved with lower FICO scores than men. For purchase loans, women had an average score of 721 versus 726 for men. Women who refinanced had an average FICO score of 730, while their male counterparts posted an average FICO score of 735.
And all you single ladies, take note: Although males make up the larger percentage of overall Millennial borrowers, most of them are married, Ellie Mae reveals.
“An interesting trend we’ve been tracking all year is that single women are buying homes much more than single men,” said Joe Tyrrell, EVP of Corporate Strategy at Ellie Mae. “Sixty percent of women who were listed as the primary borrower in October were single, compared to 42 percent of men.”
As for where Millennial male and female primary borrowers were more likely to invest in a nest: Both cohorts have their hearts set on the Midwest, where housing costs continue to be attractive. Marshall, Minnesota; Victoria, Texas; and Lawton, Oklahoma, charted as the top three Metropolitan Statistical Areas (MSAs) for Millennial homebuyers in October.