Texas' millennial population is growing like crazy, says new report
Everyone wants to be a Texan these days, especially millennials. According to a new report from Apartment List, millennial populations in some Texas metros are growing faster than almost anywhere in America.
The real estate website based its findings on U.S. Census data on millennials, adults ages 18-34, from 2005-2015. Houston's population grew by 17.4 percent, while Austin's grew by 16.4 percent, the second and third highest gains among the 50 largest metros in the country.
Only Charlotte, North Carolina, with a whopping 30.7 percent growth, gained more young adults. Dallas-Fort Worth and San Antonio grew their millennial populations by 6.7 and 5.8 percent, respectively.
Apartment List found that a surge in millennials corresponded with an increase in median income, as "good jobs and strong wage growth remain a key deciding factor for millennials across the country." In Austin, the median income increased by 9.7 percent. A similar trend was seen across Texas' largest metros; Houston (8.4 percent), San Antonio (4.9 percent), and DFW (2.1 percent) all saw income growth.
But as the median income went up, the homeownership rate among millennials went down. Drops in San Antonio (9.2 percent), DFW (7.6 percent), Austin (6.5 percent), and Houston (5.6 percent) were on par with the national decline of 7 percent. Apartment List found that in Dallas millennials need to save for six years to afford a home.
Despite these struggles, the Lone Star State boasts hot spots for young Americans. "San Francisco, Seattle, and Denver tend to dominate discussions about where millennials are moving to," says the report. "Further examination, however, reveals that there are other metros that are attractive as well, especially in Texas."