Here's Who Is Buying the Most Houses in Houston Now

Here's Who Is Buying the Most Houses in Houston Now

MORTGAGE RATES ARE high. So is the cost of living. Life milestones are coming later. The reasons that millennials are, according to society, "behind" previous generations when it comes to home ownership are finally crystal clear (and they have nothing to do with avocado toast, thankyouverymuch). But what do the statistics say about home-buying in Houston?


The millennial generation, defined as individuals born between 1981 and 1996, has reached a point in life in which buying a home is cited as a top priority. Thanks to the brutal combination of high interest rates and low inventory, though, it's become a daunting task. But a recently released report details this generation's level of participation in real estate markets across the country.

Construction Coverage, which covers building, insurance and real estate news, says that millennials accounted for the majority of home purchase loans in Houston last year — 61.5 percent, compared to 56.9 percent nationally. States with the highest percentage of millennial homebuyers were California, Texas, and a majority of the midwest and northeast. States at the bottom of the list included, in a post-Covid plot twist, Arizona and Florida.

The median loan amount for mortgages taken out by applicants ages 25-34 in the Houston-Woodlands-Sugar Land metro was $315K, and shot up to $365K for those ages 35-44 — higher than any other age group. The median interest rate for the nearly 30,000 combined transactions was 6.5 percent.

The loan-to-value ratio, defined as the amount of the mortgage compared to the sale price of the home, was a whopping 87 percent for the 25-to-34-year-olds, and 80 percent for 35-to-44-year-olds. A contributing factor may be that many are first-time homebuyers, and have less equity to apply to new mortgages; in addition, many already have young and growing families, and need more space than previous generations' "starter homes" would have.

So what does this mean? In order to cope with rising home prices, millennials are taking out larger home loans than ever before, nationwide and here in Houston.

Home + Real Estate
Leadership in Action: ‘Setting Clear Goals’ Among Secrets of Success for Attorney Jess Bailey

How did you get to where you are today? A few key principles integrated into my life: setting clear goals, maintaining a growth mindset, building strong habits, and surrounding myself with the right people. Goals provided direction, while a growth mindset helped me turn challenges into opportunities for learning. Consistent habits, like disciplined work and effective communication, kept me moving forward. Being surrounded by motivated, supportive individuals has elevated my standards and kept me accountable. They’ve provided advice, encouragement, and sometimes that extra push I needed to stay on track. With these elements, I’ve been able to create a framework that helps me succeed and ensures I continue to grow and evolve.

Keep ReadingShow less
People + Places

IN THE SEVENTH annual portfolio, meet luminaries from all walks of life who have helped make Houston — and beyond — a better place. Sponsored by Valobra Master Jewelers

Keep ReadingShow less
People + Places

The Camino Huichol over the Wet Deck

VERDANT, WINDING BRANCHES arch up and over a pathway as a soundtrack of herons and chachalacas (and the occasional monkey) plays overhead. Concrete rectangles artfully jut up through the green, painted in rays of sunlight. Eventually, the path leads down to the beach, where the streaks of sun create a cinematic moment: A slim, tan couple emerges from the ocean with their surfboards in hand and their dogs at their heels, the scent of the Pacific lingering in the thick, humid air.

Keep ReadingShow less
Style