Even with the topsy turvy oil market, Houston remains a top magnet for millennials. A new survey by Realtor.com ranks the Bayou City the No. 5 most attractive city in the U.S. for home buyers between the ages of 25-34.
To create the ranking, the online real estate website analyzed the 60 largest markets in the U.S. and compared the share of millennial page views of properties in each area to the national average. They factored in job growth, affordability, and the sheer number of millennials in a city compared to other generations.
They found that that the share of millennials in Houston is 14.5 percent, outpacing the national average of 13 percent. The still healthy Houston job market continues to draw millennials looking to jump-start their careers here.
Houstonians spend a little over 36 percent of their salary on homes, which is lower than such cities as Miami and Los Angeles as well as most major Texas markets, Javier Vivas, manager of economic research for Realtor.com, tells CultureMap.
The report lists The Heights, Oak Forest, and Timbergrove as hotspots for millennials looking to buy homes because of close proximity to downtown, boutiques, trendy restaurants, and craft breweries.
Among major Texas cities San Antonio ranks No. 23, Dallas-Fort Worth is No. 26, and Austin comes in at No. 39. The home affordability issue drags the Austin ranking down, Vivas says.
"Millennials seem more concentrated in sections of Austin, and they're struggling to find inventory at the right price point," he says.
Austinites pay 44 percent of their salary on their home, according to the report, while homeowners in the Dallas-Fort Worth area pay a relatively high 39 percent. San Antonio is more affordable, with 36 percent of salaries going to homes, the same share as Houston.
Salt Lake City leads the list, followed by Miami, Orlando, Seattle, Houston, Los Angeles, Buffalo, Albany, San Francisco, and San Jose.