Male Home Loan Applicants Approved for More Than Women, According to October Ellie Mae Millennial Tracker™

Pleasanton, CA – December 06, 2017 (BUSINESS WIRE) Millennial men who were listed as the primary borrower for a home loan were approved for an average of $197,820 in October. This was $11,253 more than Millennial women, who were approved for an average loan amount of $186,567, according to the latest Ellie Mae Millennial Tracker™.

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However, while women were approved for lower loan amounts, they closed their loans faster. It took women an average of 42 days to close a loan, regardless of whether it was for a purchase or refinance. It took men an average of 43 days to close a purchase loan and 45 days to refinance.

Women also were approved with lower FICO scores than men. The average FICO score for a woman purchasing a home was 721, compared to 726 for men. Women who refinanced had an average FICO score of 730, compared to men whose average FICO score was 735.

“While men make up the larger percentage of overall Millennial borrowers, most of them are married,” said Joe Tyrrell, executive vice president of corporate strategy at Ellie Mae. “An interesting trend we’ve been tracking all year is that single women are buying homes much more than single men. Sixty percent of women who were listed as the primary borrower in October were single, compared to 42 percent of men.”

Both Millennial male and female primary borrowers were more likely to purchase a home in the Midwest, where housing costs continued to remain attractive. Marshall, Minn.; Victoria, Texas; and Lawton, Okla. were the top three Metropolitan Statistical Areas (MSAs) for Millennial homebuyers in October.

Ellie Mae® (NYSE:ELLI) is a leading provider of innovative on-demand software solutions and services for the residential mortgage industry.

The Ellie Mae Millennial Tracker is an interactive online tool that provides access to up-to-date demographic data about this new generation of homebuyers. It mines data from a robust sampling of approximately 80 percent of all closed mortgages dating back to 2014 that were initiated on Ellie Mae’s Encompass® all-in-one mortgage management solution. Given the size of this sample and Ellie Mae’s market share, it is a strong proxy of Millennial mortgage indicators across the country. Searches can be tailored by borrower geography, age, gender, marital status, FICO score and amortization type.

For more information, visit http://elliemae.com/millennial-tracker.

ABOUT THE ELLIE MAE MILLENNIAL TRACKER

The Ellie Mae Millennial Tracker focuses on Millennial mortgage applications during specific time periods. Ellie Mae defines Millennials as applicants born between the years 1980 and 1999. New data is updated on the first Monday of every month for two months prior.

The Millennial Tracker is a subset of our Origination Insight Report, which details aggregated, anonymized data pulled from Ellie Mae’s Encompass origination platform. Additional information regarding the Origination Insight Report can be found at http://elliemae.com/resources/origination-insight-reports. News organizations have the right to reuse this data, provided that Ellie Mae, Inc. is credited as the source.

ABOUT ELLIE MAE

Ellie Mae (NYSE:ELLI) is the leading cloud-based platform provider for the mortgage finance industry. Ellie Mae’s technology solutions enable lenders to originate more loans, reduce origination costs, and reduce the time to close, all while ensuring the highest levels of compliance, quality and efficiency. Visit EllieMae.com or call (877) 355-4362 to learn more.

© 2017 Ellie Mae, Inc. Ellie Mae®, Encompass®, AllRegs®, the Ellie Mae logo and other trademarks or service marks of Ellie Mae, Inc. appearing herein are the property of Ellie Mae, Inc. or its subsidiaries. All rights reserved. Other company and product names may be trademarks or copyrights of their respective owners.

Contacts

Ellie Mae, Inc.
Erica Harvill, (925) 227-5913
Erica.harvill@elliemae.com

or

Allison+Partners
Alexandra Gardell Kreuter, (646) 428-0618
EllieMae@allisonpr.com

The Pay Gap Keeps Single Women Out of the Home Buying Market in 9 American Cities

Real estate data provider PropertyShark and sister company RENTCafé did a joint study covering the 50 largest American cities to find out where single men and women can afford to buy or rent a starter home on their own. The study found a significant gap in home affordability between the two genders.

New York, NY – March 2, 2017 (PRNewswire) Median income data for men and women from the Census Bureau was compared to average mortgage payments, calculated using in-house data, in the 50 largest American cities. The PropertyShark study revealed a housing gender gap in 9 cities – meaning men can afford to buy a starter home in these cities while women cannot.

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“With single women’s median income considerably lower than that of men in all the cities we looked at, and the trend of real estate prices out-pacing income gains in recent years, there are a host of cities that are now effectively out of the reach of potential female buyers and renters,” says Adela Muresan, real estate writer for PropertyShark.

Among the 9 cities where mortgage payments on a studio or one-bedroom property exceed 30% of women’s monthly incomes are Chicago, Seattle, Denver and Houston.

Meanwhile, 14 markets are so expensive that neither gender can afford owning a home independently, and in two cases – Manhattan and LA – the average mortgage payment on a starter home exceeds a woman’s entire monthly income. San Francisco, Boston and Miami follow as the least affordable markets for both genders, with mortgages upwards of 80% of a woman’s median income.

Despite the bad news, 26 cities remain affordable to both single men and single women, with some – Wichita and Indianapolis – seeing average mortgage values as low as 10% of women’s median income. Other cities with low costs of home ownership include Oklahoma City, Arlington, TX, and Tucson. Fresno is the only city in California that is still affordable to both genders.

The situation in the rental market is far more dire, as reported by RENTCafé. Only 18 cities out of 50 see average rents on starter apartments low enough for single men to afford them without spending more than 30% of their monthly income. The same is true for just 2 cities when it comes to single women – Wichita and Tulsa.

To read the full study go to: www.propertyshark.com.

About PropertyShark

Offering property reports for both the commercial and residential sectors, PropertyShark is the established data provider for the NY real estate industry as well as other major US markets. For more information, visit www.propertyshark.com.

About RENTCafé

RENTCafé is a nationwide apartment search website that enables renters to easily find apartments and houses for rent throughout the U.S. Renters can search, compare, and submit rental applications with ease. For more information, visit www.rentcafe.com.

Media contact: pr@propertyshark.com

ERA Real Estate Finds Nearly 50 Percent of Women Would Prefer a Home to an Engagement Ring

Madison, NJ – March 12, 2014 (PRNewswire) In a recent survey from ERA Real Estate, a global franchising leader, nearly 50 percent of women said they would be willing to forgo a big engagement ring to use the money on a down payment for a home – with 17 percent saying they have already made the swap. When it comes to honeymoons, nearly 60 percent of respondents said they would forgo a honeymoon for a down payment, with more than 16 percent reporting they already have done so.

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ERA surveyed 1,000 people in committed relationships to uncover the effect that buying a home has on a relationship and found 89 percent of couples felt their bond was strengthened by purchasing a home together.

“Buying a home is a major decision for a couple and one that can reveal a lot about a partner, especially in today’s market where the home-buying process has become even more complex,” said Charlie Young, president and CEO of ERA Real Estate. “Our findings suggest that homeownership is an increasingly important part of a relationship, especially among the first-time homebuyer generation who are investing in their future.”

While many might expect life learnings from the home buying process, such as how many children a significant other might want or financial standing, organizational skills were deemed the biggest learning for couples in the survey.

Other significant findings from the survey include:

  • Location, location, location: 73 percent of couples find location is the easiest thing to agree on when buying a home, ahead of price, home size and how long to own a home
  • What to toss and what to keep: Deciding which stuff to keep or donate was the most difficult part of merging two households, over finances, decorating and paperwork
  • Safety first: 62 percent responded that crime rate and neighborhood safety were the most important part of choosing the location of a new home, followed by proximity to work and quality of schools.

About ERA Real Estate:

ERA Real Estate is an innovative franchising leader in the residential real estate industry with 40 years of experience in developing consumer-oriented products and services. The ERA network includes approximately 31,000 brokers and sales associates and approximately 2,300 offices throughout the United States and 35 countries and territories. Each office is independently owned and operated. ERA Real Estate is a subsidiary of Realogy Holdings Corp. (NYSE: RLGY), a global leader in real estate franchising and provider of real estate brokerage, relocation and settlement services.

Media Contact:

Melissa Drake
973-407-7904
melissa.drake@era.com