Texas Markets Rank In Top 10 for Millennial HomeBuyers
According to the National Association of Realtors (NAR), in a release issued June 4, 2020, three Texas markets rank in the top 10 with favorable conditions for millennial homebuyers during the coronavirus pandemic. Austin-Round Rock topped the list at number one, followed by Dallas-FortWorth- Arlington coming in at number 2. Houston also ranked on the list coming in at number 5.
“Record-low mortgage rates have improved housing affordability, bringing more buyers into the market, and multiple offers for starter homes could become common in these metro areas,” said NAR’s Chief Economist Lawrence Yun. “With relatively better employment conditions and a strong presence of millennials in these markets, more new home construction will be required to fully satisfy the housing demand as the economy reopens.”
The report outlined how NAR identified these markets. The process included analysis of current housing affordability, local job market conditions during the coronavirus pandemic, the share of millennials in the area, and inventory availability. The largest 100 metropolitan statistical areas across the country were reviewed.
“Nationally, millennials make up the largest share of homebuyers and these metropolitan areas, in particular, offer great opportunities to realize the dream of homeownership,” said NAR President Vince Malta, broker at Malta & Co., Inc., in San Francisco, CA. “As states and cities begin to reopen, millennials will play a significant role in the housing market’s recovery.”