Fort Worth unlocks a top spot for U.S. homebuyers under 35, study says
More and more young professionals in Fort Worth are giving up residential life and settling in their own home, a new survey shows.
A study published Jan. 14 by Personal Finance website SmartAsset ranked the top 50 US cities with the most common shoppers under the age of 35. Only three DFW cities made it into the top 50. Fort Worth was one of them, finishing in 36th place.
To compile the list, SmartAsset examined the 2019 home ownership rate for those under 35 in 200 of the country’s largest cities and the 10-year change in home ownership for those under 35.
The Dallas suburb of Mesquite ranked fourth in the study, and Mesquite’s neighbor Garland ranked 17th. To break things down in the top DFW cities:
In 2019, the home ownership rate among Mesquite residents under 35 was 45.46 percent. That is the 11th place in the study. In 2009, however, the rate was only 35.47 percent, meaning the 10-year increase was 9.99 percentage points, earning it third place for this metric and fourth overall.
The home ownership rate under 35 in Garland was 37.11 percent in 2019, up 0.59 percentage points from 36.52 percent in 2009.
Fort Worth’s under-35 home ownership rate even fell 3.28 percentage points from 40.52 percent in 2009 to 37.24 percent. Even so, it earned a place in the top 50.
It may come as a surprise that Texas’ own Midland came in first (followed by Cape Coral, Florida and Joliet, Illinois).
“In Midland, Texas, home ownership rates among people under 35 rose 17.11 percentage points by 10 years. This is the largest growth in this study,” say the authors.
Other Texas cities in SmartAsset’s top 50 include Corpus Christi (No. 27), Brownsville (No. 44), and Amarillo (No. 50).
While the study fails to point to the many desirable properties that make Fort Worth appealing to young shoppers, the authors would certainly reiterate the recent Niche.com assessment that “Fort Worth life has a dense suburban feel to residents and most residents own it. ” their houses. There are many parks in Fort Worth. Many families and young professionals live in Fort Worth, and residents tend to be liberal. “
(Okay, these last few words could be controversial depending on your definition of “liberal” – and your neighborhood.)
A 2020 study by the National Association of Realtors found that 52 percent of buyers 30 to 39 and 88 percent of buyers 29 and younger were first-time buyers. Among all homebuyers, the study found that less than 1 percent were 21 years of age and younger, 13 percent were 22 to 29 years old, and 25 percent were 30 to 39 years old. The 30 to 39 year olds formed the largest age group among the buyers.
“When people retire, they rely more on their wealth than their income to support their lifestyle. Today’s young adults fail to build home ownership to the same extent as previous generations, the largest single source of wealth, ”said the Urban Institute in a 2018 study. “As people make the choice of owning or renting what suits them at some point, perhaps more young adults should consider the long-term consequences of renting if home ownership is an option.”