The Growing Number of Millennials in Dallas
Millennials are defined as people born between 1981 and 1996 and they currently make up the majority of the nation’s workforce, with a good portion of them living here in Dallas. As such, small and large businesses are accommodating to their preferences and opening more locations in areas where millennials are living, such as Dallas. Our professional Dallas movers break down some of the statistics on the growing number of millennials in Dallas.
Millennials Working in Dallas
According to recent findings from SmartAssest.com, Dallas has outpaced other major coastal cities with the growing number of millennials in Dallas. In 2017, Dallas experienced a net increase of 10,371 people and of all the major cities featured in this study, it has the third-highest total population of millennials at 43,159. [1] The data also states the median age in Dallas is 32, whereas the median age across the United States is 38, meaning Dallas is a metropolis for young people.
Along with a younger workforce comes more open positions from tech companies. Besides preferable tax laws, the study shows that Dallas’ booming tech scene is another factor driving millennials to Dallas. The North Texas region currently has the fifth-largest labor pool for tech experience in North America with almost 170,000 tech workers employed around Uptown Dallas and in suburbs such as Las Colinas and Plano.
Millennials Living in Dallas
Despite the growing number of millennials in Dallas, only 7.1% are expecting to rent as opposed to owning a home, according to a survey conducted by ApartmentList.com. [2] However, just 14% of millennial renters in Dallas can afford a down payment on a median-priced home within the next 5 years. For the majority of millennials who don’t plan to own, their reasoning is multifaceted. Student loan debt, lack of family support, and high prices on the market are keeping millennials from anticipating homeownership in the future.
“I’m actually a little bit surprised but then not,” said Caralle Gurney, real estate professional with The Mariposa Group. “I understand that millennials are savers. They really, thoughtfully do things and they’re very simple people and because of that a lot of time renting is a way they prefer to do things,” said Gurney. “You might not know where you want to live or maybe you have some family circumstance that you need to save a little bit before you can have a down payment to move somewhere.” [3]
Relocate with Our Dallas Moving Company
Whether you plan to own or rent, if you’re a millennial, our Firehouse Movers are here to help! With over 20 years of experience under our belt helping families and businesses relocate, you can rely on our expertise to get you fully moved into your new home. Call us for your free estimate at 972-412-6033 today!
Sources:
[1] SmartAsset – Where Millennials Are Moving – 2019 Edition [2] Apartment List – 2019 Millennial Homeownership Report: More Millennial Are Preparing For A Life of Renting [3] NBC 5 Dallas-Fort Worth – Growing Number of Millennials Plant to Rent Over Buying Home, Study Finds