Millennials are buying more homes in these Texas cities than anywhere else in the US
Over the last decade, the total number of homeowners in the U.S. has increased year after year, particularly in Texas.
(NEXSTAR) - Over the last decade, the total number of homeowners in the U.S. has increased year after year, particularly in Texas.
According to the Census Bureau, Texas had the largest growth in population last year by adding 473,453 people – an increase of 1.6% in population. In total, Texas has the second-largest population out of any state with just under 31 million people.
But of those new people making Texas their home, one age group, in particular, has really taken a liking to the Lone Star State: millennials.
In a recent study done by MoneyGeek, they were able to pinpoint where people across the country have been buying homes the most from 2012-2022. In their research, they discovered that adults ages 25-44 – the demographic that largely corresponds with the millennial generation – have purchased more homes in multiple Texas cities than anywhere else in the country.
Six cities in total landed in the top 10 with the highest growth of homeowners for people ages 25-44: Austin, McKinney, Midland, College Station, Odessa, and Temple. Lubbock finished just outside the top 10 at No. 11.
Of the cities listed, Temple and Odessa finished on top by a large margin, with Temple seeing the largest growth in the country: a 75% growth in millennial homeowners. Odessa wasn't far behind with 70% growth, 12% more than third-place Murfreesboro, Tennessee.
Here's how the top 10 list for growth of homeowners aged 25-44 from MoneyGeek shook out:
- Temple, Texas: 75%
- Odessa, Texas: 70%
- Murfreesboro, Tennessee: 58%
- College Station, Texas: 56%
- Midland, Texas: 53%
- McKinney, Texas: 52%
- Hillsboro, Oregon: 51%
- Bellingham, Washington: 47%
- Austin, Texas: 44%
- North Charleston, South Carolina: 44%
Currently, the average home price for a home in Texas is $304,027 which is up 0.6% from last year, according to Zillow.