Markets & Economy

Millennial homebuyers especially active in major Texas cities

New home closings by millennials outpace other generations in multiple markets
  • Millennials are outpacing Baby Boomers in purchasing new homes in 88 percent of the top 100 CBSAs.
  • San Antonio-New Braunfels metro ranked as the top metro for millennial homebuyers purchasing a new property.
  • Texas Triangle cities all ranked within the top 8 cities for millennial homebuyers.

It's time to lighten up on the younger crowd: millennial homebuyers are actively purchasing new properties. According to new research from Metrostudy, millennials are buying more new homes than baby boomers in 88 percent of the top 100 Core Base Statistical Areas (CBSAs). In 33 percent of the top metro areas, millennials are even outpacing Generation X in new home buying habits. Nationwide, 16.7 percent of millennials purchased a resale home, and 30.04 percent bought a new home. Generation X on national basis is still outpacing millennials for both home sales and resale homes, though, at 31.96 percent and 25.9 percent, respectively. Of the top 100 markets, San Antonio had the largest pool of millennials purchasing new homes. The San Antonio-New Braufels area had 39.60 percent of homes purchased by millennials, 30.33 percent purchased by Generation X and 13.96 percent were bought by Baby Boomers. Texas cities dominated the list. Austin-Round Rock, Houston-The Woodlands...