Dallas remains one of the top housing markets for Millennials! Their buying power should not be dismissed, and could help the economy get out of this COVID slump that everyone is!
Millennials are the new Baby Boomer. No matter how you look at it. They are the biggest section of young homebuyers with liquid cash, and they are buying a lot homes! Not to mention that they will follow the money as they are settling into their new careers. This is important as jobs are moving to Dallas. With that come the Millennials. A study showed that households earning over $100,000 a year could afford over 56% of the homes for sale in North Texas. With high paying Millennial jobs in Dallas paying on average a 6 figure paycheck a year...this is the perfect recipe to convert this group of young adults from renters into homebuyers.
Dallas has always been a beacon of hope for jobs to set up shop. Everything about the Dallas economy and job market makes it easy for companies to move here while saving millions or billions in tax savings depending on how large the company is. Most coming from California. Uber is planning a huge headquarters in the Deep Ellum neighborhood near Downtown which will employ over 3,000 workers with an average salary of $100,000 a year. This will be a huge buyer pool moving into the city over the next few years. This is just one example. Many jobs are being announced for making huge moves to Dallas every month. Most jobs being in tech, the medical field, business, and finance which attract many highly qualified Millennials from all over the country who can find starter homes at a fair price compared to other large metro cities.
As the United States is starting to get back to work we are seeing the Real Estate Market start to wake back up. 2020 was off to an epic start, and then was brought to an abrupt halt. This means there are discounts to be taken advantage of while there is still a lot of uncertainty. With Dallas already being below national average for housing prices, and a healthy inventory of starter homes makes Dallas the perfect breeding ground for a frenzy in home buying.
Millennials will continue to be the largest group of homebuyers for many years. Until the next generation catches up to them. Unless Dallas has a mass exodus of jobs then we will continue to attract these buyers. This will help our recovery take off like a rocket shit! As a hard working Dallas Real Estate Agent this is like music to my ears. Just this past month I have had many Millennial homebuyers close on a home or call to begin their journey of owning a home! Bring it on!
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