Frisco, McKinney Among Best Cities For Beginner Homebuyers: Study

FRISCO, TX — Millennials, all of whom are now between 22- to 37-years-old, have entered the workforce, given birth to children and gotten married. But, according to one report, one things millennials aren't doing is buying homes.

A July report from the Urban Institute estimates that student debt, a preference for big cities and a tendency to delay big moves like having children and buying houses are to blame.

In fact, for millennials between 25- and 34-years-old, homeownership is eight percentage points lower than that of baby boomers at the same age and 8.4 points lower than that of Generation X, The Urban Institute's report states.

But there's good news for Millennials and other first-time home buyers, especially in North Texas. A new WalletHub study named Frisco, McKinney and Allen among the nation's top cities for beginner buyers.

The study compared 300 U.S. cities across 27 indicators of market attractiveness, affordability and quality of life. Our data set ranges from cost of living to real-estate taxes to property-crime rate. What it found is that Frisco is the nation's seventh-best city for beginner homebuyers. McKinney, meanwhile, came in at number eight.

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Only a few points down at No. 16 landed Allen, the the nation's fifth best city for low crime rates.

Each city was ranked on a number of factors. Here's how the top three North Texas cities shook out:

McKinney:

• Average cost of homeowner insurance: $1,991
• Cost per square foot: $139.13
• Real estate tax rate: 2.07%
• Home ownership rate for millennials: 46.24%

Frisco:

• Average cost of homeowner insurance: $1,991
• Cost per square foot: $154.35
• Real estate tax rate: 1.97 %
• Home ownership rate for millennials: 50.93%

Allen:

• Average cost of homeowner insurance: $1,991
• Cost per square foot: $ 141.00
• Real estate tax rate: 2.13%
• Home ownership rate for millennials: 43.81%

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