According to the Houston Business Journal, Houston ranks high among Millennials looking to buy a home.
For years, housing industry leaders fretted over Millennial homeownership rates, which is at its lowest point since the mid-1980s.
Amid soaring student loan debt and a slowly recovering job market, these young adults — born between the early 1980s and the late 1990s — seemed disinterested in buying homes.
As it turns out, that isn’t the case.
Three out of four Millennials in the Bayou City plan to purchase a home in the near future. That’s a smidge above the national average of 74 percent, according to a new survey from Apartment List, a San Francisco-based real estate company.
Seven percent of Houston Millennials intend to rent indefinitely, compared to 9 percent nationally, according to Apartment List’s survey of 5,844 apartment renters ages 18 to 34.
Apartment List found that, contrary to public opinion, Millennials plan to buy a home in the future with the majority expecting to make the leap into homeownership after 2018. Older, married Millennials with higher incomes and lower student loan debt are more likely to buy a home than younger, single Millennials with lower incomes and a lot of college debt, according to Apartment List.
Location also plays a big role in whether Millennials intend to buy homes, and expectations for homeownership varies widely by geography.
Apartment List ranked 34 U.S. cities based on the percentage of Millennials interested in buying a home, and found that Houston ranked smack in the middle at No. 17.
Cincinnati took the top spot with 85 percent of Millennials planning to buy a house in the near future. San Jose came in last with just 53 percent of Millennials interested in homeownership.
Overall, Millennials in Texas are eager to purchase home when compared to the national average, according to Apartment List. Seventy-eight percent of Texas Millennials plan to purchase a home, while only 5 percent intend to rent indefinitely.
To see the complete article visit the Houston Business Journal