Millennials and Gen Xers

Millennials aren’t taking everything over as we originally thought. They are not leading the industry in market share as believed prior. The Association of Mortgage Professionals did a recent survey that questions its members monthly collecting data trends. There were groups of all ages in the survey, millennials (< 35), Gen Xers (36-52), Baby Boomers (53-71), and the Greatest Generation (72+). 

It was discovered that Gen Xers make up most of the marketshare, at 36 to 75%. More than a quarter respondents comprised anywhere from 50 to 75%, in opposition to millennials, who were less than 25% in over half of the businesses surveyed. 

One thing that sets millennials apart form Gen Xers, are the willingness to throw down a fat down payment. Millennials were more partial to the 3% and under down payment, while Gen Xers were willing to throw down anywhere from 10%-20%. 

A piece of common ground all the groups could agree on was the need for the mortgage process to be streamlined. They all wished their was less paperwork, except for about 15% of them. They also felt the smaller mortgage companies weren’t in competition among themselves, but the big five banks.

Post a Comment