Dallas, Austin, and Houston were named in the 2020 Top Ten Most Favorable Areas for Millennials During the Pandemic report by NAR’s Research Group. These cities have excellent opportunities for Millennial homebuyers.
NAR reviewed the 100 largest metro areas in the U.S. and examined improving affordability, better inventory availability, Millennial-age population, share of lockdown-affected industries, and job losses during the pandemic.
Year-over-year percentage increases in affordability helped Dallas (22%), Houston (14%), and Austin (11%) exceed the 9% average of surveyed metros.
While the average surveyed metro area’s housing inventory shrank 18%, Houston (-5%), Dallas (-11%), and Austin (-13%) fared better.
Texas’s metro areas have significant Millennial populations. Millennials comprise 35% of Austin’s population and 30% of Dallas’s and Houston’s respective populations—larger than the average metro’s 26%.
Dallas’s (21%), Houston’s (19%), and Austin’s (20%) economies have smaller shares of workers in industries most affected by coronavirus lockdowns than the average (21%).
The average metro area experienced a 13% year-over-year job decline. Dallas (8%), Houston (8%), and Austin (9%) experienced lower rates.
The greater Portland, Salt Lake City, Phoenix, Omaha, Des Moines, Indianapolis, and Durham areas rounded out the top 10.
Source: Texas REALTOR® Magazine