Recent reports from a variety of sources suggest that the massive purchasing power of millennials is now being felt in the housing market. True to form, they’re being careful with their money. These numbers from January 2017 tell the story. During that month:
- 84% of closed loans went to millennials (Ellie Mae).
- 65% of first-time home buyers had a down payment of less than 6% (Down Payment Resource).
- 62% of all home buyers put less than 20% down (Down Payment Resource).
- 35% of loans to millennials were FHA loans (Ellie Mae).