Dallas-Fort Worth-Arlington was one of three Texas cities highlighted by the National Association of Realtors as one of the best markets for Millennials who are home shopping during the pandemic. D-FW was joined by Austin-Round Rock MSA and Houston-The Woodlands in the list of 10 favorable metro areas.
“Record-low mortgage rates have improved housing affordability, bringing more buyers into the market, and multiple offers for starter homes could become common in these metro areas,” said NAR’s Chief Economist Lawrence Yun. “With relatively better employment conditions and a strong presence of millennials in these markets, more new home construction will be required to fully satisfy the housing demand as the economy reopens.”
NAR identified the top 10 metro areas for millennial homebuyers by analyzing current housing affordability, local job market conditions during the coronavirus pandemic, the share of millennials in the area and inventory availability in the largest 100 metropolitan statistical areas across the country.
“Nationally, millennials make up the largest share of homebuyers and these metropolitan areas, in particular, offer great opportunities to realize the dream of homeownership,” said NAR President Vince Malta, broker at Malta & Co., Inc., in San Francisco, CA. “As states and cities begin to reopen, millennials will play a significant role in the housing market’s recovery.”
For the full list and statistics, look here.
MetroTex Named Real Estate Global Partner to the Netherlands
The MetroTex Association of Realtors is excited to announce its confirmation as the National Association of Realtors Ambassador Association to the Netherlands. The appointment provides an organization-to-organization contact for MetroTex and the Dutch Association of Real Estate Brokers and Real Estate Experts (NVM) to share best practices, ideas, and solutions to common problems with one another, and seek opportunities to participate in trade missions between the organizations.
According to 2020 MetroTex President Terry Tremaine, “this is a great opportunity for real estate professionals from both NVM and MetroTex to broaden their industry expertise.”
“Anytime you can enhance worldwide member connections to real estate resources and share association best practices with your peers from around the world it creates a level of development that these professionals would never experience anywhere else,” said Tremaine.
As Millennials Age, Family-Friendly Rental Properties Become More and More Rare
The Millennial generation is at a tipping point, with more and more creating households yet putting off homeownership. This trend puts an emphasis on the dearth of family renter units, according to a new study from RCLC and ULI.
Families make up one-third of the renter pool in the U.S., where they represent more than 13.5 million households. That figure is more than three times larger than the number of single Millennial renters in the country, and it is greater than the populations of both New York City and Los Angeles, combined, the report states.
It’s a largely untapped market that is set to increase dramatically over the coming decade. In fact, the U.S. Census Bureau expects the number of people between the ages of 30 to 50 — the prime baby-making years — to grow significantly more than it did during the last decade.
While the number of these households increased by roughly 1 million between 2010 and 2020, it is projected to grow by approximately eight million between 2020 and 2030. Thus, families are expected to play an even more substantial role in the national housing market going forward.
To get a better understanding of the economic factors at play, see the full report here.