Affluent, Rural, Older Home Owners Seeking New Purchase Mortgages in Q1

July 9, 2018 Zach South

In comparison to the refinance and reverse markets, consumers actively seeking purchase mortgages are more diverse in age and income levels according to the Q1 2018 Mortgage Consumer Profile Report, published by Best Rate Referrals.

From 2017 to Q1 2018, there was little change in the makeup of consumers inquiring about purchase mortgage loans. Of the top ten consumer segments for this product, nine remained the same as the year turned. The one emerging consumer segment for purchase mortgages was comprised of affluent, rural, older home owners. Here’s a snapshot of people from the new purchase consumer segment.

  • Average household income of $154,767
  • Average age of 58
  • 35% have children under 18
  • They live in very rural settings with a low cost of living
  • 76% own homes
  • Primarily Caucasian
  • 74% work full-time or part-time, while 25% are retired
  • Most are college graduates
  • They’re online mostly at night and mostly from home
  • They’re average users of social media, preferring Facebook over other platforms
  • They enjoy reading magazines, especially Southern Living, Smithsonian, American Rifleman, Economist and Weight Watchers
  • This is a group that is likely to be conservative
  • They enjoy domestic travel and may own a vacation home
  • Recreational activities, including camping, riding ATVs, target shooting and boating fill their non-work hours
  • They may own multiple vehicles, and they keep their cars and homes in good repair
  • They may currently be living rent free, and they might still be saving for their children’s college education

Audience segmentation, using Neustar ElementOne data, was utilized to define the top mortgage consumer segments identified within the recently published Q1 2018 Mortgage Consumer Profile Report. Audience segmentation is a process that divides an audience file or population into groups (segments) that comprise similar people. Each segment represents a homogenous subgroup with defined, segment-specific characteristics including age, income, media habits, demographics, behaviors, interests and more.

Within the Q1 2018 Mortgage Consumer Profile Report, the top ten segments were identified for the purchase, refinance and reverse mortgage markets for the periods of 2017 and Q1 2018.

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Subjectivity was applied to Neustar ElementOne data, at times combining high-indexing characteristics to define attributes. The data is provided for informational purposes only. While every attempt is made to ensure accuracy, errors may arise.

About the Author

Zach South

Zach South is Senior Vice President of Lender Operations for Best Rate Referrals, an award-winning consumer finance marketing firm with NMLS operating licenses in most states. Since its inception, Best Rate Referrals has connected millions of high-intent consumers with a diverse network of lenders for variety of financing products. Zach built one of fastest growing online mortgage marketplaces, www.MortgageAdvisor.com, which now generates demand from thousands of consumers monthly looking for purchase, refinance and home equity loans. In 2018, Best Rate Referrals expanded into the world of personal finance with the launch of Loan Advisor, a new online marketplace designed to provide consumers with simple and fast personal loan quotes from lenders for free.

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