Among Millennials, the “Tall City” has no shortage of appeal. Generation Y has made Midland one of the top 10 cities in the U.S. where they are purchasing homes, according to a recent report.
The scope of the study considered the Millennial homeownership rate and the change in that rate over the past nine years throughout American cities. In Midland, the 2016 homeownership rate among 18 to 34 year olds was 37.49 percent, landing it in a four-way-tie for the No.7 spot on the list. The other three cities included Chula Vista and Santa Rosa, Calif., and Mesquite, Tx., according to the study performed by SmartAsset, a personal finance website.
A 2016 Census Bureau survey indicated that only 34.7 percent of Americans under 35 owned their homes, suggesting that Millennials are largely renters. But these renters do eventually want to become owners—72 percent of them, according to a recent Pew survey. Their biggest obstacle, however, is the inability to buy affordable homes. But Millennials are finding opportunity in Midland.
Along with affordable housing in this city of a little over 100,000 people, Midland offers Millennials its modernity and thriving nightlife. The city is said to be one of the inspirations behind the TV drama “Friday Night Lights,” a series about a high school football team. Midland is also rich in natural resources since it’s situated at the geographic center of the Permian Basin—a large oil, natural gas, and potassium salts producing area containing about 16 percent of America’s oil reserves. These resources are likely to result in a positive outlook for employment and the local economy.
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