Texas’ highs, lows of millennial homeownership

​​DALLAS – The area ranks near the bottom of the list of major U.S. cities for millennial homeownership. Only 28.7 percent of millennials own homes in Big D, according to a new report by ABODO Apartments.

The city ranks 106th out of all metros in number of millennial homeowners. When compared to large cities, Dallas ranks 32nd out of 45. The average millennial would have to save for 10.4 years to afford a down payment on a home. ABODO estimates that the average value of a millennial-owned home in DFW is $200,805.

Nationally, 32.1 percent of millennials own homes. The largest percentage of millennial homeowners is in Ogden, Utah (51 percent), followed by Grand Rapids-Wyoming, Mich. (45.3 percent). McAllen-Edinburg-Mission ranks in the top ten metros, coming in at fourth with 43.3 percent.

In Texas’ big-city markets, the highest millennial ownership rates are in San Antonio (29.2 percent) and Houston (29.1 percent). In Austin, it’s 26.5 percent.

Texas’ small cities fare much better. In Beaumont, 42.8 percent of millennials own a home; Brownsville, 33.2 percent; and El Paso, 31.4 percent​​.