The Dallas real estate market is growing rapidly, but millennials don’t seem to benefit. According to the latest report released by ABODO Apartments, an online rent-seeking organization, only 28.7% of millennials in Dallas own their own houses, and the proportion of owners of millennials in Dallas is close to the bottom of major cities in the United States.
Sam Radbil, spokesman for ABODO, said, “Compared with other parts of the United States, the home ownership rate of millennials in Dallas ranks low, ranking 106th among cities.
Among the largest cities in the United States with the size of Dallas, the owners of millennials in Dallas rank 32nd among the 45 largest cities.
On average, millennials in Dallas need 10.4 years of savings to afford the down payment on a house.
In the United States, millennials refer to the generation born in the late 1970s and 1990s. The United States has a population of 75 million, even surpassing the baby boomers. Millennials are currently considered as the most potential potential buyers in the real estate industry.
However, the pace of millennials from tenants to buyers is very slow. In the United States, only 32.1% of millennials own a house. The city with the highest proportion of millennials is Ogden, Utah, where millennials own 51% of houses, followed by Grand Rapids-Wyoming, Michigan, where the proportion of millennial homeowners is 45.3%.
Des Moines, Iowa, has a high proportion of other millennial homeowners, while mccarron, Texas, has 43.6%(McAllen) and 43.3%.
The areas with the lowest proportion of millennial owners are often big cities. For example, in Los Angeles, millennials have only 17.8% of houses, which is the lowest proportion of millennial owners in the United States, followed by Honolulu, Hawaii, with 18.3% of millennial owners and 19.8% of millennial owners in San Diego.
Among the big cities in Texas, San Antonio has the highest proportion of millennial owners, but only 29.2%. Secondly, 29.1% of millennials in Houston own houses. Among the big cities in Texas, Austin has the lowest proportion of millennial owners, only 26.5%.
Millennials have a much better proportion of buying houses in small cities in Texas. In Beaumont, there are 42.8% houses owned by millennials, 33.2% owners in Brownsville and 31.4% owners in El Paso.
As the house price in Dallas has increased by more than 50% in the past five years, it is increasingly difficult for young first-time buyers to afford houses. ABODO estimates that the average house price owned by millennials in Dallas is $200,805, which is far lower than the overall average house price of second-hand houses in this area. According to the statistics of Dallas real estate agents, the average selling price of second-hand single households in Dallas in May was $311,235.