NAR Names Austin a Top U.S. Housing Market for Millennials during the Pandemic
published on June 17, 2020
The National Association of Realtors® named Austin one of the top United States housing markets for millennial homebuyers during the coronavirus pandemic. Texas cities Dallas-Fort Worth-Arlington and Houston-The Woodlands also made the unranked top 10.
To make the determination, NAR analyzed the largest 100 metropolitan statistical areas in the U.S. for housing affordability, local job market conditions during the coronavirus pandemic, portion of millennials in the area, and inventory availability.
“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. “As states and cities begin to reopen, millennials will play a significant role in the housing market’s recovery.”
In these markets, the Realtors® Affordability Distribution Score increased by a larger percentage than nationally. The score measures the affordability of for sale homes at different income levels. In Dallas, for example, a household earning $100,000 can afford to buy 56 percent of the homes currently listed for sale, compared to 45 percent last year.
NAR’s Chief Economist Lawrence Yun said, “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.”
In alphabetical order, the top 10 markets:
- Austin-Round Rock, Texas
- Dallas-Fort Worth-Arlington, Texas
- Des Moines-West Des Moines, Iowa
- Durham-Chapel Hill-Raleigh, North Carolina
- Houston-The Woodlands, Texas
- Indianapolis-Carmel-Anderson, Indiana
- Omaha, Nebraska/Council Bluffs, Iowa
- Phoenix-Mesa-Scottsdale, Arizona
- Portland, Oregon/Vancouver, Washington
- Salt Lake City, Utah
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