millennial magnet

Houston stars among 30 hottest U.S. metros for millennial homebuyers

Houston is a millennial magnet.

Houston and its surrounding cities have already proved to be magnets for millennials, and now a new national housing report has established the city as one of the 15 hottest destinations for millennials, whose local homeownership rate has nearly doubled since 2018.

The number of millennials who own their homes in Houston has grown from 227,365 to 418,698 households over the last five years (84.2 percent), according to a new housing analysis from RentCafe.

The study compared homeowner growth rates versus renter growth rates of millennials — based on Pew Research Center's definition as individuals born between 1981 and 1996 — across 107 U.S. metro areas from 2018 to 2023.

Houston ranked No. 29 in the overall list of U.S. metros that have seen the highest increase in millennial homeowners since 2018. About 49 percent of all Houston-area millennials own their homes, with the remaining 51 percent renting, the report found.

Houston also ranked 22nd in the national list of cities with the biggest growth rates among millennial-age renters. The number of millennial renter households jumped from 397,410 to 439,371 in five years, a 10.6 percent hike.

About 5.3 million millennials have become homeowners over the last five years nationwide, RentCafe's analysts said, which represents a massive 74 percent increase in millennial-owned households. The growth rate of renters was much lower in comparison.

"At the same time, the number of millennial renters in the U.S. rose by a modest 5 percent, adding approximately 600,000 households," RentCafe said. "This brings the total number of millennial homeowner households to 12.4 million, close to the 12.6 million millennial renter households."

While the rate of millennial homeowners is on the rise, the same can't be said for Gen Zers. Less than 15 percent of all Gen Z households in Houston own their homes, while the vast majority are renters, a separate RentCafe study found.

Elsewhere across the state, Austin (No. 7) and San Antonio (No. 10) ranked among the top 10 U.S. cities with the biggest growth rates among millennial homeowners.

The top 10 U.S. metros with the highest gains in millennial homeowners are:

No. 1 – North Port, Florida
No. 2 – Lakeland, Florida
No. 3 – Jacksonville, Florida
No. 4 – Stockton, California
No. 5 – Oxnard, California
No. 6 – Palm Bay, Florida
No. 7 – Austin, Texas
No. 8 – Tuscon, Arizona
No. 9 – Deltona, Florida
No. 10 – San Antonio, Texas

rentcafe study real estate housing report millennials houston

cashing in

Millionaire sports bettor’s massive Katy compound listed for $11.2 million

Photo by APEX Media

4233 Two Gun Way is a 12-acre estate in Katy, on the market for $11.2 million.

Step inside the house that betting built. 4233 Two Gun Way in Katy, the 12-acre compound owned by Michael Cohen, is on the market for $11.2 million. It’s represented by Nicholas Moncada of Douglas Elliman.

Cohen is an avid sports bettor and a five-time $1 million winner on DraftKings. He purchased the spread, which is made up of three four-acre parcels, with his winnings. Cohen renamed both the private street and estate “Two Gun Way” after his betting handle. He also commissioned custom branding for the place, which means that buyers will find a modern Texas ranch with its own visual identity.

The French-style estate offers exceptional luxury living with room to create the ultimate family compound. Designed by Houston-based Frankel Design Build, the main home sprawls across 14,741 square feet and is intentionally divided into two distinct experiences. One whole wing was inspired by the arcade energy of Dave & Buster’s, created specifically for entertainment and social gathering. It’s anchored by a two-lane Brunswick bowling alley, theater with concession stand, game lounge, bar, and indoor-outdoor entertaining spaces.

The opposite wing has a hidden passage off the study, and opens into a soaring two-story library designed to feel timeless, immersive, and transportive.

An open-concept floor plan gives the home everyday comfort, with ample space for grand-scale entertaining. The living and dining rooms offer sweeping views of the grounds. Home cooks will delight in the chef’s kitchen with Wolf appliances and custom Benedettini cabinetry. Two bedrooms and two full baths are downstairs, along with two powder rooms. Upstairs, find three to four additional bedrooms with four full baths.

Substantial attic space offers the potential to add additional rooms.

Additional highlights include a separate catering kitchen, elevator-ready design, three staircases, three fireplaces, a six-car garage, a whole-home generator, an outdoor kitchen with a serving window from the interior bar, and a detached casita. A pond and barn complete the compound.

A 4,124-square-foot residence with its own three-car garage is on the second parcel of land, providing a space for in-laws, guests, or an estate caretaker. Approximately four of the estate’s 12 acres are cleared, and the next owners will find land large enough for everything from a private sports field or additional structures to other amenities limited only by their imagination.

With its Katy location, 20 minutes from the future Houston Texans Toro District and global headquarters development in Bridgeland, this is an estate that reflects the growing demand for highly private, amenity-rich compounds catering to athletes, entertainers, executives, and multigenerational families seeking space without sacrificing proximity to Houston.

Photo by APEX Media

4233 Two Gun Way is a 12-acre estate in Katy, on the market for $11.2 million.

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