JCHS tabulations of Federal Reserve Board, Survey of Consumer Finances.

In Texas, the average debt is $26,292 and 56 percent of residents hold student loan debt. But one company found a way to make it go away faster.

In 1995, about a quarter of adults aged 20-29 had student loan debt. In 2016, it had increased to 47 percent. The percentage who had less than $10,000 went from 16 to 12 percent, while those owing $10,000 to $24,999 rose from 8 percent to 15 percent. Former students owing $25,000 to $49,999 also jumped from two percent to 12 percent and those owing over $50,000 from one percent to eight.

We also know that it takes the average college-educated person with student loan debt until around age 35 to reach the homeownership rates of their peers without debt. Student loan debt is one of the biggest reasons the Millennial generation took so long to purchase a home. And what about Generation Z, whose oldest have just drank their first legal beer while waiting for their even larger student loans to come due?

(more…)

NAR’s recent generational survey uncovered some really interesting trends. For starters, more and more Millennials are eschewing urban life and heading for the burbs, where they can afford to buy a house. Though Millennials contributed the largest share of home buyers in 2017 at 36 percent, a shortage of single-family construction has kept aspiring homebuyers from making the move. Additionally, larger numbers of households are living a multi-generational lifestyle, with more younger Baby Boomers buying homes to house their adult children and their own parents. Even Gen X households are buying homes with the intent of having their parents under the same roof. 

Now that many Millennials have started to pay down their staggering student debt, more of them are starting families. According to NAR’s report, the share of Millennials with at least one child continues to grow. But for many Millennial households in America, their desire to become homeowners combined with slow wage growth and high housing costs have pushed many out of larger cities and toward the suburbs. In fact, 52 percent of Millennial homebuyers bought larger and more affordable properties in suburban locations. 

In fact, Thrillist just published a piece that speaks to this trend: “State of the Suburbs: Dallas.” Forced to look in every nook and cranny for a home they can afford, Millennials are now turning their eyes toward the close-in suburbs that might not get as much attention as the master-planned communities in Collin County, such as Duncanville, DeSoto, Garland, and Grand Prairie.  

Of course, a lot of these trends speak to life in Dallas, which has a very upwardly mobile workforce and a lot of Millennials. However, are we seeing a run on suburban living? We asked some of our most-trusted Realtors to find out. 

(more…)

With Dallas’ booming job market, more and more Millennials are moving to the area, and they have a very specific list of wants. According to this article by Inman, Millennials are turning the market on its head with a very picky list of asks, preferring to rent until they find that Goldilocks home that is just right. Millennials want a top-notch location with access to entertainment and amenities, smart home tech and automation, a smaller footprint, open floor plans, and home office spaces. 

And wouldn’t you know, Dave Perry-Miller Real Estate’s own Phillip Murrell just listed a tastefully bold townhome that would make any Millennial jump for joy. It’s an easy pick for our High Caliber Home of the Week presented by Lisa Peters of Caliber Home Loans. Know a Millennial on the hunt for the perfect property in Uptown? Don’t wait! Call Lisa Peters today to get pre-qualified so you can put in your highest and best offer on this tastefully bold townhome on Hall St.

(more…)