For Millennial Homebuyers, Dallas Is A Good Place To Start
Millennials have been slow to accumulate wealth, thanks to student loan debt and a sagging economy, so buying a home may be the last thing on their minds. Despite this, the National Association of Realtors has identified 10 cities where young adults might want to take a crack at home ownership, and Dallas made the list.
NAR looked at current housing conditions, job creation, and population trends in major metro areas to come up with their findings. According to the report, Millennials make up 15 percent of the population and 25 percent of the purchasing market in Dallas.
Austin was the only other Texas city to make the list. Some cities that have been popular among Millennials did not make the cut.
“Limited job prospects, student debt and flat wage growth have combined with tight credit conditions and low inventory to price Millennials out of some of the top cities such as New York and San Francisco,” Lawrence Yun, NAR chief economist, said.
Homeownership for young adults under the age of 35 peaked in 2005 and fell by almost 10 percent in 2014.