Top 5

5 Houston neighborhoods millennial homebuyers should consider in 2023

According to a recent report from CoreLogic, a leading provider of real estate data, the millennial homebuyer share rose to its highest level in 2022. With millennials being such a large portion of the population within Houston’s Harris County, this trend likely carried on in our market.

Coming off last year’s insights into the market for Houston millennials, Douglas Elliman agent Harris Benson shares his thoughts on neighborhoods millennials should consider in 2023.

For millennials on the homebuying hunt within Houston in 2023, here are five close-in neighborhoods Benson suggests you check out:

Shady Acres
Looking for the Heights, but don’t mind vertical living? Shady Acres is located in the northwest corner of the Greater Heights area, just west of Shepherd. This area has exploded over the recent years with tons of new bars and restaurants, which has been a major draw for those looking to move there.

Of course, there are always exceptions, but the majority of homes in this area are two-to-four-story townhomes (both detached and attached) built in the last 20 years (and some more recently), with prices typically falling in the high $300s to mid-$500s range.

This well-established area is a natural landing point for millennial first-time homebuyers seeking location and walkability.

Oak Forest East
Want to be near the hustle and bustle of the Heights, but need more space? Oak Forest East is located just north of the Heights, outside the 610 Loop and east of TC Jester Boulevard. Millennial homebuyers look to this area for its location as well as the highly regarded elementary schools.

Though there are some townhome opportunities in the $400-500s, the majority of homes in this area are either Craftsman or ranch-style homes built in the 1900s, or larger homes built over the last 10-15 years.

Depending on the size and remodel status, the older homes typically sell between $350-600K, with some being sold at “lot value.”

Many of these lot-value homes have already been developed into large single-family homes selling in the lower to mid-$1M price point.

Washington Terrace
Want to live in a charming but updated home from the 1900s, or looking to remodel one yourself? Houston’s Third Ward is located within the 610 Loop, just east of Highway 288 and the Texas Medical Center, and Washington Terrace is a subdivision within it, located west of Ennis Street between Blodgett and Alabama Streets.

Within Washington Terrace, you will mostly find beautiful Craftsman and Prairie-style homes from the early 20th century. Most homes are single-family, however there are a good number of homes that have been converted into two-to-four-unit multi-family homes that could be converted back into single-family residences.

Depending on if the home has been remodeled, prices typically fall in the $300-500s. This area will continue to appreciate due to its central location and proximity to the medical center, especially those homes that have been remodeled well.

Meyerland
This area made the list in 2022, and is back again because it’s a great area for millennial families who are looking for more property, mature trees, and charming, midcentury, ranch-style homes.

Meyerland is located just outside the 610 Loop in southwest Houston, with manageable commute times to central Houston, the Texas Medical Center, and Galleria.

There are recently built homes in more luxury price points; however, the majority of homes in this area were built in the mid-1900s and are priced between the mid-$300s to mid-$500s, depending on size and quality of updates.

It's a highly recommended area for those looking to be close to town and still enjoy quality elementary school options.

Lindale Park
Looking to live inside the 610 Loop in an area without townhomes? Lindale Park is located within Houston’s Northside, just east of the Heights and across Highway 45 between Fulton Street and Irvington, just north of Cavalcade Street inside the 610 Loop.

With strict lot size restrictions in place, you will not see recently built townhomes or detached townhome-style dwellings here.

Instead, you’ll find a variety of homes, most of which were built in the early to mid-1900s but with some new construction in the mix.

Depending on the quality of the remodel, homes in this area typically fall between mid-$200s to mid-$500s, whereas more recent construction falls in the $700-$800s. Millennials seeking a bit of charm in a good location should look here.

Houston is filled with so many different areas to explore, each with something to offer to millennials on the hunt. With this in mind, it's easy to feel optimistic in 2023 about finding a home that fits your specific wants and needs — the key is to explore, educate yourself, and remain patient with the process.

If you are just getting started or are looking to learn a little more about different areas of Houston, be sure to contact Harris Benson to help to guide you in the right direction.

Photo courtesy of Douglas Elliman

Shady Acres is a natural landing point for millennial first-time buyers seeking location and a social lifestyle with some walkability.

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THE AMERICAN DREAM

How long it takes to save for a home down payment in Houston

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Houstonians don't have to save long to afford a down payment.

Saving for a down payment remains one of the biggest barriers to homeownership nationwide, but a new report from Realtor.com shows San Antonio area buyers face a far shorter wait than most Americans.

According to the real estate site’s 2025 analysis, the typical U.S. household needs seven years to save for a standard down payment, a notable improvement from the 12-year peak in 2022. Still, the timeline remains roughly double the pre-pandemic norm, reflecting higher home prices, larger down payments, and lower household savings rates.

Houston, however, stood out as one of the most accessible major metros in the nation. The Houston-Pasadena-The Woodlands metro boasted one of the shortest time sto save for a down payment among the nation’s 50 largest markets, with households needing just 3.5 years to reach a typical down payment, according to the study.

The report found that Houston’s median down payment from January through November was $14,927. A median household income of $83,452 was estimated to produce an annual savings of $4,228. Notably, San Antonio, the only other Texas city included in the report, had the shortest time to save for a down payment at just 1.3 years.

Nationally, the time needed to save has shortened as home price growth cooled and affordability modestly improved. Still, saving for a down payment takes significantly longer than it did before the pandemic.

“Higher home prices and intensified competition have pushed typical down payments higher, at the same time that inflation and rising household expenses have reduced savings rates,” said Danielle Hale, chief economist at Realtor.com, in a release. “Although conditions have improved since 2022, today’s timeline shows that saving for a home takes meaningfully longer than it did before the pandemic, especially in high-cost markets.”

Lower savings rates have played a key role. The U.S. personal savings rate has averaged 5.1 percent of income so far in 2025, down from the pre-pandemic norm of 6.5 percent, limiting how quickly households can build funds for upfront housing costs. Meanwhile, the typical down payment has more than doubled over the past six years — rising from about $13,900 in the third quarter of 2019 to $30,400 in the third quarter of 2025.

In high-cost coastal metros, the impact is far more severe. Saving for a down payment can take 20 to more than 35 years in California cities like San Francisco, San Jose, Los Angeles, and San Diego, effectively sidelining many first-time and moderate-income buyers.

“In high-cost markets, the typical down payment alone exceeds a full year of household income,” said Hannah Jones, Realtor.com senior economic research analyst. “That reality makes homeownership feel unattainable for many buyers, particularly younger households trying to enter the market for the first time.”

Despite those challenges, the report notes that roughly three-quarters of Americans still consider homeownership part of the American dream. Realtor.com says easing rents could help first-time buyers save more, while repeat buyers may use accumulated savings to reduce loan balances and manage higher monthly payments.

“Saving consistently, even in small amounts, is a meaningful first step toward homeownership,” Jones said. “In today’s market, building that financial cushion can make a real difference when buyers are ready to act.”

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