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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

Earning a spot on the 2018 HousingWire Rising Stars list, Zach South is one to watch. He has successfully established himself as a leader and innovator in the consumer finance industry, with several business ventures to back it up. Zach co-founded consumer finance marketing company Best Rate Referrals. He was also instrumental in building two of fastest-growing online loan marketplaces, MortgageAdvisor.com and LoanAdvisor.com. As Senior Vice President of Lender Operations, Zach oversees operations for DMS Consumer Finance and is responsible for managing an extensive portfolio of owned-and-operated, consumer finance focused properties. Throughout his dynamic career, Zach has remained passionate about connecting the right lenders with the right borrowers at the right time, repeatedly filling pipelines, improving closing ratios and scaling businesses for his clients.

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