Home sales have been hitting record levels all across the nation, and Houston is no exception. Houston-area realtors sold 9,347 single-family homes in March, a 24.2% increase from March of 2020.
Though lagging behind the Baby Boomer and Gen-x generations when it comes to home buying, the number of millennials purchasing homes has risen steadily in the last five years. And according to a recent report, Houston is one of the top places millennials are putting down roots.
Mortgage company Better recently shared data on their recent customers with Yahoo News, and according to their analysis, Houston made the number two spot for millennials buying homes.
Better cited low-cost of living, along with the cultural diversity and hustle of a major city, as the driving forces for why millennials choose a city to call their home. With that in mind, it's no wonder the Bayou City made the top 5, we have all that and much more.
Low-Cost of Living
Aided by the absence of city or state income tax and affordable housing prices, Houston's cost of living is far below the national average. The city ranks as the second most affordable among the nation’s top 20 metros. Houston’s living costs are 4.8% below the nationwide average and 26.4% below the average of the nation’s 20 most populous metropolitan areas.
A Truly Global Culture
Houston has one of the youngest, fastest-growing and most diverse populations anywhere in the world. Driven by Houston’s abundant cultural amenities, world-class restaurants and outdoor spaces, people from all over the world call Houston home. In fact, Houston has ranked as the most diverse city in the nation for two years in a row, according to one source.
Houston’s global culture also breeds opportunity and innovation. Houston has always been known as the Energy Capital of the World, but in recent decades the city has diversified its economy and greatly expanded industries such as health care and technology. The Bayou City is quickly becoming a leader in the technology industry with over 500 tech companies (and counting) headquartered here and employing over 25,000 Houstonians.