The Dallas Morning News' real estate reporter Steve Brown published a piece over the weekend blaming millennials for declining homeownership rates in the Dallas area.
Tyler Stubenhofer via Flickr Welcome home, millennials!
This is true. Homeownership rates among the under-35 set -- i.e. the age range currently occupied by millennials -- has declined markedly since peaking around 2005, which contributes to lower overall homeownership rates, because math. Brown's assertion that local homeownership rates are relatively low is also on point. The U.S. Census Bureau released data last month pegging the 2014 homeownerhip rate in Dallas-Fort Worth (read: the Dallas-Ft. Worth-Arlington Metropolitan Statistical Area) at 57.7 percent, lower than all but 11 of the country's 75 largest metros and well below the national average of 64.5 percent. So, it seems, is the idea that the local drop can be blamed on millennials. Though Generation X (ages 35-44) has been fleeing home-buying at a faster pace nationally, the younger cohort has set the pace locally. The local census data on this isn't wonderful (it's infrequent and has a significant margin of error) but it suggests that DFW millennials are responsible for roughly 75 percent of the local drop in homeownership to Gen X's 25 percent.More »