Homeownership in Dallas area falls as millennials balk at buying (Fort Worth: sales, real estate)

[RonnieinDallas]

Homeownership in Dallas area falls as millennials balk at buying | Dallas Morning News

Dallas-Fort Worth has one of the lowest big-city homeownership rates in the country. We’re counted with the likes of Los Angeles, New York City and San Francisco as cities that have the smallest share of owners vs. renters, according to a new Census Bureau report.

At the end of 2014, D-FW’s homeownership rate stood at just over 56 percent. That was the lowest in Texas and way below the national rate of 64 percent in the fourth quarter, the census study found.

Interesting article. It definitely hits home with me, and a lot of my neighbors. The trend seems to be growing too.

New report: Many millennials choose ability to move over homeownership | | Dallas Morning News

Homeownership rates across the U.S. have been falling since the Great Recession. Dallas-Fort Worth has one of the lowest big-city homeownership rates in the country.

At the end 2014, D-FW’s homeownership rate stood at just over 56 percent – down from 65.2 percent in mid-2010.

Local real estate analysts say that the influx of thousands of young workers to North Texas is fueling apartment rental rolls but not adding much to homeownership in the area.

[CREW747]

I think the article makes sense....

I also think that "30 is the new 20". Now more than ever. Alot of people seem to be postponing adulthood in a sense. There are plenty of people in their 20's and 30's who are content with renting,not being married and not having kids yet. I feel like homeownership rates are impacted by that. Homeownership is a tremendous responsibility....Especially in an expensive area with good schools. It is wonderful and rewarding. We purchased our house when I was 30 and my spouse was 28. Home ownership is rewarding and worth it. I can think of a handful of people I know who are absolutely living the 30 is the new 20 lifestyle....

[Aceraceae]

Originally Posted by CREW747

I think the article makes sense....

I also think that "30 is the new 20". Now more than ever. Alot of people seem to be postponing adulthood in a sense. There are plenty of people in their 20's and 30's who are content with renting,not being married and not having kids yet. I feel like homeownership rates are impacted by that. Homeownership is a tremendous responsibility....Especially in an expensive area with good schools. It is wonderful and rewarding. We purchased our house when I was 30 and my spouse was 28. Home ownership is rewarding and worth it. I can think of a handful of people I know who are absolutely living the 30 is the new 20 lifestyle....

I was 30 and my wife was 28 when we bought. I can't imagine living in an apartment anymore.

[LeagleEagleDFW]

What's the average salary in the D/FW area for younger workers - $60,000 or so? It's kind of hard to afford a house in Dallas on that salary, given where home prices are.

[BigDGeek]

Originally Posted by CREW747

I think the article makes sense....

I also think that "30 is the new 20". Now more than ever. Alot of people seem to be postponing adulthood in a sense. There are plenty of people in their 20's and 30's who are content with renting,not being married and not having kids yet. I feel like homeownership rates are impacted by that. Homeownership is a tremendous responsibility....Especially in an expensive area with good schools. It is wonderful and rewarding. We purchased our house when I was 30 and my spouse was 28. Home ownership is rewarding and worth it. I can think of a handful of people I know who are absolutely living the 30 is the new 20 lifestyle....

I bought my first house at 26. I know a lot of people my age (late 30s to early 40s) who still rent.

[stephwin]

Granted this was 6 years ago when prices were much lower, but we bought when I was 25 and my husband was 28. We were already making over $100k at that point and were living in a relatively cheap apartment in Frisco (rent was about $700), so it was easy to save up a decent down payment. How times have changed.

But we were the first of our friends to purchase and the rest of them bought a home within the last 2 years or so (so in their early 30s). Only about half of them have kids too.

[BigDGeek]

Originally Posted by stephwin

Granted this was 6 years ago when prices were much lower, but we bought when I was 25 and my husband was 28. We were already making over $100k at that point and were living in a relatively cheap apartment in Frisco (rent was about $700), so it was easy to save up a decent down payment. How times have changed.

But we were the first of our friends to purchase and the rest of them bought a home within the last 2 years or so (so in their early 30s). Only about half of them have kids too.

Luckily, having children is not a prerequisite for homeownership. I turn 40 soon and I don't have any kids.

A lot of the younger couples buying in my area are either expecting #1 or haven't started yet. And some of them simply don't want children.

And you're right about times changing...boy, have they!!!!!!!!!

[Rakin]

Many first time homeowners are having trouble getting into homes here in DFW because they 1. lack the cash to compete on offers and 2. Must go FHA with low down payments.

At least in this area, those first time homeowner types homes under $300k are going at a real premium.

[stargirl007]

Originally Posted by LeagleEagleDFW

What's the average salary in the D/FW area for younger workers - $60,000 or so? It's kind of hard to afford a house in Dallas on that salary, given where home prices are.

Probably depends on the industry. I'm 4 years graduated, I make $60K base but I work in software/IT. I would venture to say the majority of my colleagues from school are making less than that. Probably mid 40s to 50s. As mentioned, really depends on the industry. My previous positions out of school here paid 38, 42, and 50K respectably. I had to move jobs once a year out of school to climb my salary to where it is. If I would have stayed at my 42K/yr job -- I'd probably be just enjoying 3-5% COL increases only. No way I could have bought a house on that.

My fiance and I purchased a few months ago - me being 26 and my fiance 29. We were only approved to 230K, which doesn't really buy too much. I still fail to understand how we ended up in West Plano on our budget, but we did and it will be interesting to see what happens with it, although we are wanting to stay put for some time in this house.

The only reason we could get into the house was I was living rent free in a condo my parents owned in Richardson since I graduated and I began my career in software sales and banked $60K in commission last year. I basically took part of that money, used it as our downpayment funds. Our mortgage + insurance + property taxes basically equal the amount we would have put in rent/mo on a modest 1-2 bedroom apartment.

Out of all of my friends from college that are still here in Dallas (I went to SMU), only myself and two other girlfriends are homeowners (we are all either married or engaged to be married as well). The rest are still either living with mom and dad or renting, most still living with roommates in Uptown and pushing 30 at this point as most have a considerable amount in student loans - which would have to be considered in the affordability of a mortgage.

[Aceraceae]

Originally Posted by stargirl007

Probably depends on the industry. I'm 4 years graduated, I make $60K base but I work in software/IT. I would venture to say the majority of my colleagues from school are making less than that. Probably mid 40s to 50s. As mentioned, really depends on the industry. My previous positions out of school here paid 38, 42, and 50K respectably. I had to move jobs once a year out of school to climb my salary to where it is. If I would have stayed at my 42K/yr job -- I'd probably be just enjoying 3-5% COL increases only. No way I could have bought a house on that.

My fiance and I purchased a few months ago - me being 26 and my fiance 29. We were only approved to 230K, which doesn't really buy too much. I still fail to understand how we ended up in West Plano on our budget, but we did and it will be interesting to see what happens with it, although we are wanting to stay put for some time in this house.

The only reason we could get into the house was I was living rent free in a condo my parents owned in Richardson since I graduated and I began my career in software sales and banked $60K in commission last year. I basically took part of that money, used it as our downpayment funds. Our mortgage + insurance + property taxes basically equal the amount we would have put in rent/mo on a modest 1-2 bedroom apartment.

Out of all of my friends from college that are still here in Dallas (I went to SMU), only myself and two other girlfriends are homeowners. The rest are still either living with mom and dad or renting, most still living with roommates in Uptown and pushing 30 at this point as most have a considerable amount in student loans - which would have to be considered in the affordability of a mortgage.

We pay two mortgages. One being my wife's student loans. Just a few more years left on those. Can't wait.