March 8th, 2022 2:44 PM by Shawn Smith NMLS#863501
Frisco, Texas is a millennial hotspot for owning homes. That’s according to MarketWatch’s editor, Catey Hill. In this age group almost all are first-time home buyers. And that’s not just for Frisco, but for Dallas, Fort Worth and all our surrounding cities where the real estate market is booming. These same home buyers here in the Dallas area are also looking for home mortgage solutions. That’s where Sublime Financial comes in to help clients find the perfect home loan.
According to Hill, just over 35% of people ages 18 to 35 own a home, according to data from the Census Bureau, compared to nearly four in 10 who did just six years ago. That’s a big reason the homeownership rate for all ages hit its lowest level since 1965 last year, and has only ticked up slightly since.
However, in 3 cities in America, the majority of millennials are bucking that trend, according to a study released Tuesday by financial firm SmartAsset. Using Census Bureau data, the firm looked at homeownership rates in households headed by someone under 35 in the 200 largest cities in America.
The 3 cities where more than half of millennials own a home 1. Elk Grove, Calif. 61% 2. Gilbert, Ariz. 57% 3. Frisco, Texas 55% The No. 1 city for under-35 homeownership: Elk Grove, Calif. You’ve probably never heard of it -- for many decades it was a small agricultural city -- but in the past 15 years, its population has grown for two reasons: (i) homes there cost around $350,000, compared to nearly $1 million in San Francisco and (ii) it’s well located, says Asees Singh, a spokesperson for the site. Elk Grove is only about 20 minutes to the state capital of Sacramento, which has a lot of technology jobs, and under two hours to San Francisco. Indeed, millennials who do buy homes are often looking for a combination of affordability and well-paid jobs, among other lifestyle factors, says Cheryl Young, the senior economist at real estate site Trulia.
The other cities in which more than half of millennials own homes: Gilbert, Ariz., and Frisco, Texas. Similar to Elk Grove, millennials like both Gilbert and Frisco because they are short (roughly 45 mintues) drives to major cities with jobs — Phoenix and Dallas, respectively.
For first-time home buyers anywhere in Texas, an FHA loan has a great advantage over conventional loans with less cash needed at closing. An FHA loan is also another option for home buyers with a few blemishes on their credit report.
We help first-time home buyers as well as all other clients who are in the market for a new home or looking to refinance to get a better rate. Contact us now to learn more about how we can help you.
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