Single millennial homebuyers are utilizing FHA financing more so than their married counterparts, with 41 percent of single millennial females and 38 percent of single millennial males obtaining an FHA loan in December 2016, according to Ellie Mae's latest Millennial Tracker report. Thirty-five percent of married millennial females and 28 percent of married millennial men, by comparison, obtained an FHA loan. Millennial women as a whole sought out FHA loans more than millennial men.
"Last year, we saw millennials begin to enter the housing market in force," said Joe Tyrell, executive vice president of Corporate Strategy at Ellie Mae, in a statement on the Tracker. "While life events such as marriage or starting a family often influence borrowers' decisions to purchase a home, others see homeownership as an opportunity to build equity. As a result, we saw many single female borrowers pursue homeownership in 2016."
The majority of home-buying activity on the part of millennial homebuyers was away from coastal cities in December, with Jasper, Ind., Fort Leonard Wood, Mo., Odessa, Texas and Owensboro, Ky. having the highest shares of millennial loans closed, upwards of 59 percent. Owensboro had the highest for all of 2016.
Source: Ellie Mae