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Is Buying A Home In Houston Harder For The Millennial Generation?

A new report shows millennials want to buy homes – but are putting it off for a few years.


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Dave Fehling/Houston Public Media
Millennials want to buy homes but they feel like they can’t afford it until later.

The report by rental website Apartment List finds that 83 percent of Houston millennials surveyed – born between 1982 and 2004 – plan to purchase a home at some point.

But 71 percent are waiting because they say they can't afford to buy a house or condo right now.

Chris Salviati, data analyst at Apartment List, said nationwide, two-thirds of survey participants expect to wait three years or more.

"When we look at the trends over the past couple of years of our study, it seems that those plans are actually being pushed further and further into the future," he said.

Assuming a 20 percent down payment and considering how much they have saved for it, for many Houston millennials buying a house won't be possible for more than a decade, according to the survey.

But Cindy Hamann, chairman of the Houston Association of Realtors, disagrees.

"The only reason you would want to save 20 percent is if you wanted to be in control of your escrow, which is your taxes and your insurance," she said. "But you don't have to do that."

She said it's more common to put down 3 or 3.5 percent for a home, and there are many resources to help first-time homebuyers.

Hamann agrees millennials are waiting longer to buy homes compared to previous generations, because they settle down later.

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