SAN ANGELO, TX — A recent report reveals that millennials, individuals born between 1981 and 1996, made up 52.1% of all home purchase loans in the San Angelo metro area in 2023.
Despite the rising costs of homeownership due to high interest rates and limited housing inventory, millennials remain a major force in the housing market.
According to the report from Construction Coverage, millennials are taking out larger home loans compared to previous generations.
In 2022, the median loan amount for mortgages taken by applicants aged 25 to 34 was $315,000, while those aged 35 to 44 took out loans with a median amount of $365,000.
The median loan amount for millennial homebuyers in the San Angelo area was $225,000, with a median loan-to-value ratio of 89.8%.
Nationally, millennials accounted for 56.9% of all home purchase loans in 2023, but the report highlights the variation by location. The San Angelo area ranked 131st out of 231 small U.S. metros in millennial home loans.
The report also indicated that millennials are facing challenges due to high home prices and the resulting loan-to-value ratio, which was 87% for younger buyers (ages 25 to 34) and 80% for those aged 35 to 44.
For more detailed insights and a national comparison, visit Construction Coverage’s full report.
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