millennial magnet

Dallas ranks among 15 hottest U.S. metros for millennial homebuyers

Dallas is one of the 15 hottest destinations for millennials.

Dallas and its surrounding cities have already proved to be a magnet for millennials, and now a new national housing report has established the city as one of the 15 hottest destinations for millennials, whose local homeownership rate has soared since 2018.

The number of millennials who own their homes in Dallas has grown from 229,497 to 451,826 households over the last five years (96.9 percent), according to a new housing analysis from RentCafe.

The study compared homeowner growth rates versus renter growth rates of millennials — based on Pew Research Center's definition as individuals born between 1981 and 1996 — across 107 U.S. metro areas from 2018 to 2023.

Dallas ranked No. 15 in the overall list of U.S. metros that have seen the highest increase in millennial homeowners since 2018. About 47 percent of all Dallas-area millennials own their homes, with the remaining 53 percent renting, the report found.

"The top 20 metro areas with the greatest increases in Millennial homeownership are led by sunny regions in Florida and California," the report said. "Unexpected urban hubs such as Dallas, San Antonio, Philadelphia, and New York also made the list with ownership growth rates reaching 90 percent or higher."

Dallas also ranked 27th in the national list of cities with the biggest growth rates among millennial-age renters. The number of millennial renter households jumped from 465,560 to 507,416 in five years, a 9 percent hike.

About 5.3 million millennials have become homeowners over the last five years nationwide, RentCafe's analysts said, which represents a massive 74 percent increase in millennial-owned households. The growth rate of renters was much lower in comparison.

"At the same time, the number of millennial renters in the U.S. rose by a modest 5 percent, adding approximately 600,000 households," RentCafe said. "This brings the total number of millennial homeowner households to 12.4 million, close to the 12.6 million millennial renter households."

While the rate of millennial homeowners is on the rise, the same can't be said for Gen Zers. About 12 percent of all Gen Z households in Dallas-Fort Worth own their homes, while the vast majority are renters, a separate RentCafe study found.

Elsewhere across the state, Austin (No. 7) and San Antonio (No. 10) ranked among the top 10 U.S. cities with the biggest growth rates among millennial homeowners.

The top 10 U.S. metros with the highest gains in millennial homeowners are:

No. 1 – North Port, Florida
No. 2 – Lakeland, Florida
No. 3 – Jacksonville, Florida
No. 4 – Stockton, California
No. 5 – Oxnard, California
No. 6 – Palm Bay, Florida
No. 7 – Austin, Texas
No. 8 – Tuscon, Arizona
No. 9 – Deltona, Florida
No. 10 – San Antonio, Texas

rentcafe study real estate housing report millennials dallas

Royal Flip

Chip and Joanna Gaines find buyer for $2.7M Fixer Upper castle in Waco

Photo courtesy of Magnolia

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Texas' king and queen of home renovations, Chip and Joanna Gaines, are done lording over their 136-year-old castle in Waco. The stars of TV’s Fixer Upper have found a buyer for Cottonland Castle, Mansion Global reported. The sale is pending.

The Gaineses listed the 6,176-square-foot castle, in Waco's historic and affluent Castle Heights neighborhood, at nearly $2.7 million. They bought the property in 2019, when it carried a $425,000 price tag.

The castle, with a sandstone and limestone facade, is modeled after a German castle along the Rhine River.

Chip and Joanna Gaines, Fixer Upper Chip and Joanna Gaines are preparing to hand over the keys to their castle. Facebook Magnolia Network

The duo spent several years restoring the castle to revive its original character. That work became the foundation for their six-part 2022 series Fixer Upper: Welcome Home – The Castle. They opened it to the public for guided tours and introduced Magnolia brand tie-ins, like a “Colors of the Castle” paint collection.

“People love things that are nostalgic. They love things that are antique-looking, and I want this place to feel like it did in 1915,” Joanna said during an episode of Fixer Upper. “Whether you walked into the space in 1915 or today, it has that same feeling of history and love and beauty and castle-ship.”

A year after the series aired, the castle failed to sell at auction, according to Mansion Global. It went on the market in June. Amanda Nesbitt of Magnolia Realty, the real estate brokerage founded by the Gaineses, has the listing.

The three-story castle offers “a seamless blend of historic grandeur and modern functionality,” according to the listing.

That grandeur includes millwork, antique tile floors, diamond-paned windows and seven ornate fireplaces. The four-bedroom property features three-and-a-half bathrooms, a formal dining room, a great room, a card room, a library and a conservatory.

All furnishings, accessories and decor “have been thoughtfully curated to complement the home’s design,” the listing says, and are included in the sale.

The castle has a rocky modern history.

Jack Schwan bought the property in 1969 for $50,000, according to the Waco Welcome Center.

Over the years, the Schwan family made many repairs and renovations. The family tried to sell the castle in 1982; they thought it was worth close to $1.25 million following the overhaul. In 1991, the property sold only after a drastic price cut.

“Over the next two decades, the home passed through various owners’ hands and fell into disrepair. Many owners found the castle too large and in need of too much maintenance to be a financially feasible home,” according to the Waco Welcome Center.

The castle sold again in 2014, and a group led by Oxford scholar Dirk Obbink tackled renovation work. The Gaineses bought it five years later, after it had been neglected and abandoned.

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