EL PASO, Texas — While some millennials are struggling to pay off their student debt and still climbing the career ladder, realtors in El Paso claim they are seeing more of these young professionals taking the plunge into home ownership.
“This year we are expecting approximately 31 percent of millennials will purchase homes across the U.S. and definitely we’re feeling it in El Paso,” said Debbi Hester, a realtor from El Paso.
Hester said in El Paso in particular realtors can expect more millennials to purchase homes this year for two reasons: affordability and growing housing options.
According to Trulia.com, the current average price of a home in El Paso is $209,910.
Hester said the she is working with builders to bring more eco-friendly homes to the west side.
“The city is making a big push for infill projects and it really resonates with buyers because the location is an excellent location,” Hester said.
Hester added that some millennials are realizing that some millennials are realizing it is just as expensive to rent as it is to take out a mortgage.
Omar Yanar is a young professional who recently moved back to El Paso to continue his career in education.
Yanar said he didn’t anticipate purchasing a home just yet, but he just closed on his new home in April.
“I was already paying an undisclosed amount for rent, which was going to be incredibly close to what I was going to pay for the mortgage,” Yanar said.
Even though Yanar hopes to stay in El Paso for a while, he realizes that just because he bought this home, it doesn’t mean he’s stuck here forever.
“Millennials have that fluidity of being able to want to jump around from job to job,” Yanar said. “A millennial can buy a home here and move, all you have to do is ensure that someone is managing the property and they can rent it out.”
Hester said nationwide 61 percent of millennials are renting their homes and 20 percent of them still live at home with their parents