Real Estate Rumblings

Houston lands among the most popular metros for millennial homebuyers

Millennials make up the majority of homebuyers in Houston, according to a new report.

Getty Images/Courtney K

Millennials now make up the largest group of homebuyers in the U.S., and are choosing to lay down roots in big cities and up-and-coming metropolises versus suburbs and small towns.

In a January 6 report, online marketplace LendingTree ranked the 50 most popular metro areas for millennials. Houston lands right in the middle at No. 26.

To determine the rankings, LendingTree analyzed mortgage purchase requests made on their own platform across the nation, beginning January 1 through December 15, 2020.

Though less wealthier than their Baby Boomer and Gen X counterparts, LendingTree points to the current record-low mortgage rates spurred by the pandemic as a reason for the new swath of millennials looking to buy a home.

"What LendingTree [also] found was that millennials (defined as anyone born between 1981 and 1996) make up a majority of potential homebuyers in most of the country’s largest metros," the report says. "Location is typically a primary factor to consider when buying a home, but the pandemic has affected many aspects of the U.S. economy including various industries and local job markets."

Millennials make up 53.77 percent of people looking to purchase a home in the Bayou City, and boast an average age of 31 years, 7 months and a credit score of 660. When it comes to financing, young homebuyers bring an average downpayment of $34,361 and borrow $231,300.

That's well behind Austin, which takes eighth place on the list. Despite a crippled hospitality industry, the Central Texas job market is still considered strong, and the city drew even more attention in 2020 as a cavalry of California-based celebrities decamped to Austin.

Millennials make up 57.34 percent of homebuyers in the Capital City with an average age for a potential buyer of 31 years, 4 months and an average credit score of 687. When it comes to purchase power, Austin homebuyers bring an average of $47,940 as downpayment, and borrow an average of $288,461.

Right behind Houston is Dallas at No. 28. Millennials account for 53.7 percent of homebuyers in Big D, and have an average age of 31 years, 6 months. Millennial buyers bring an average downpayment of $34,815 and borrow $245,355 to finance their investment, says LendingTree.

San Antonio is the fourth and final Texas city in LendingTree's report. At No. 34, millennials make up 51.46 percent of homebuyers in the Alamo City, and have an average age of 31 years, 7 months. As for financing, buyers typically bring $25,867 and finance an average of $203,710.

Rounding out to the top 10 largest metros ranked by millennial popularity: San Jose, California (No. 1); Boston (No. 2); Denver (No. 3); Minneapolis (No. 4); Buffalo, New York (No. 5); San Francisco (No. 6); Salt Lake City (No. 7); Pittsburgh, Pennsylvania (No. 9); and New York City (No. 10).

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3-acre Tomball estate with amenities galore to be listed for $5.3 million

Aria Media for Martha Turner Sotheby's International Realty

23227 Brownwood Lane is set on three wooded acres on Tomball is will soon be on the market for $5.3 million

Set behind a private, tree-lined approach lies 23227 Brownwood Lane in Tomball. This English Tudor estate sits on three acres, a secluded escape for the home’s 8,000 square feet of living space. Coming soon to the market for $5.3 million and represented by Rachel Solar of Martha Turner Sotheby's International Realty, it offers unmatched privacy and serenity.

Originally built in 1988, the home seamlessly blends classic Tudor charm with updated finishes and design. Consider the home’s centerpiece, the light-filled kitchen, with high-end appliances, an abundance of cabinetry, and a sizable butlers pantry. An island anchors the space, creating a relaxed gathering spot, and the room gives way to a gorgeous dining room with a dramatic stone fireplace, soaring ceilings, and expansive windows. The elegant living room has its own fireplace, as well as custom millwork, a coffered ceiling, and built-in shelves.

The first-floor primary suite boasts hardwood floors and French doors opening to a patio. The spa-like bath offers custom tilework, an oversized soaking tub, and walk-in shower. Dual walk-in closets have custom cabinets and shelving.

The home has a sunken movie room tucked behind a hidden door, a wood-paneled study, and a second floor game room with built-in bunk beds, study nooks, and an abundance of shelves. The home is designed for entertaining, even as it’s a perfect retreat, set amid beautiful trees and lush grounds, which include a pool and spa.

A garage apartment offers space for guests, or can serve as an in-law residence.

Those who come through the stone-and-iron gate of 23227 Brownwood Lane will be impressed with the home’s rich wood craftsmanship and exquisite details. This forest retreat will certainly be an attractive property for those seeking a home that is welcoming, beautiful, and perfect for living and entertaining.