"Yes" and "kinda" respectively, if you don't mind turning avocado toast into a proxy for "not in a distant suburban wasteland.
- Millennials are buying homes. Never mind the punditry that the plastic straw-hating snowflakes are stuck in overpriced apartments because they keep opening their wallets for $7 avocado toast. They made up 34 percent of American home buyers in 2017, more than any other age group, according to the National Association of Realtors.
Buzzard's home — his first, as it took longer than expected to save the money to buy — was a new build, rare for buyers of his generation. It was in his price range and close to his and his girlfriend's jobs, which he said were must-haves for the new digs. And it's in Kessler, an area near to the bars and culture of Bishop Arts and downtown.
"They're pretty particular," Barrios said. "They want a good price, something that's eco-friendly and something that's recently updated. You know, it's instant gratification. We all work a lot, so we don't have the time to do a renovation when we buy." … "We're not doing golf courses anymore, we're doing food and beverage," Ruggeri said.
Checking all these boxes requires a lot of research, a natural instinct for people who grew up both on the internet and in the shadow of the housing crisis. It's the main difference between them and their parents, who generally bought at younger ages and relied on realtors more.
The members of Gen Y are wise to be careful.
Even though almost all millennials want to own a home at some point, only a quarter actually do right now, far fewer than previous sets of young adults. They're saddled with unprecedented student loan debt, fast-appreciating rent payments and other debts, like car loans and lines of credit, all of which make it hard to cobble together the money for down payments. And in a supply-starved, increasingly pricey market like Dallas, it can be hard to beat out better-established buyers who put up the cash necessary to close the deal.
The other thing about Dallas -- it is now on a list of markets which are flat or falling (Texas is very well represented).
But it is heavily skewed by price. I saw but can't find anymore a chart of time-on-market by price, and everything under 300k is still super hot. This has some info: statewide months of inventory are rising overall but MOI 200k-300k is rising very slowly and <200k is actually falling. And the Dallas days-on-market average is 43 days.
I have two friends who bought houses in the farther cheaper suburbs, because they have jobs near those far suburbs. I have only one friend my age who bought a house Inside the metroplex. For six months he visited every house he could that met his criteria the day it went on the market, made offers on any that looked good, and got calls the same night or next morning that it was sold to a higher offer and off the market. And then he saw his parent's neighbors getting ready to move, got them to show him the house, and made them an offer before they even listed it. The one millennial I know who bought a house not in a distant suburb, had to get lucky enough to have an inside-connection with the seller and convinced them not to even put it on the market. DOM for anything <250k and in livable condition in commutable distance is about 1/2.