MIDLAND, Texas — Midland is making headlines, this time for the number of millennials buying homes.
According to a study done by the Association of Realtors, more than half of homeowners in the Tall City are between 22 to 40 years old.
Compared to other cities, that is pretty staggering.
For local real estate agent, Tracy Farrow, millennials make up most of her clientele.
“They are getting jobs here out of college, they are coming here for the oil and gas industry," Farrow, who's worked at Legacy Real Estate Brokerage for 10 years, said. "They are able to purchase a home and you know they don't want an apartment by this time because they want a single-family home with a nice backyard."
According to the study, the average age for a homeowner in other Texas cities like San Antonio is over 36. In Midland, the average age is 33.
Farrow says her youngest client bought a house in Midland at 22-years-old.
“She purchased the home by herself," Farrow said. "But there are some programs out there that can help with closing costs and she was able to do that program."
Farrow says the 22-year-old's monthly mortgage payment was lower than rent would be in an apartment.
For Farrow, the real estate market here is unique because other cities are not seeing millennials buy homes as much as they are in the Basin.
“The job opportunity is what pulls the millennials here, and I have talked to realtors in San Antonio and Dallas, and they do not see millennials buying houses as much as we do here in Midland," Farrow said.
Another big draw to buying houses right now?
Record low-interest rates, which are averaging around 2.5 to 3%.