EL PASO, Texas (KFOX14\/CBS4) \u2014 While the typical first-time homebuyer in the United States is now about 40 years old, a new study suggests many young adults in El Paso are reaching homeownership much sooner.<\/p>\n
A report released by ConsumerAffairs<\/a> ranked El Paso as the fourth-most accessible metro area in the country for young homebuyers, placing it among the top markets where adults under 35 have the greatest access to purchasing a home. <\/p>\n The analysis examined homeownership rates, mortgage lending activity, and housing affordability across the nation’s 100 largest metropolitan areas.<\/p>\n According to the report, 17.8% of El Paso residents under the age of 35 own a home, compared to the national average of 14%, giving the city the sixth-highest young homeownership rate in the country.<\/p>\n The study also found that 44.8% of all home purchase loans in El Paso were issued to buyers younger than 35, the fifth-highest percentage among the metros analyzed. <\/p>\n ConsumerAffairs attributes much of El Paso’s accessibility to its relatively affordable housing market. The median home price in the metro area is approximately $246,675, about 4.6 times the median income of younger households, compared to the national average ratio of 5.4. <\/p>\n The report also highlighted the types of financing young buyers are using in El Paso.<\/p>\n About 26% of buyers under 35 use conventional mortgages, which typically require stronger credit, lower debt-to-income ratios and larger down payments. Meanwhile, 41.3% rely on Federal Housing Administration (FHA) loans, which are designed to help buyers qualify with smaller down payments. <\/p>\n Homeownership among younger residents has also continued to grow locally. The report found the share of homeowners under 35 in El Paso increased 20.7% between 2020 and 2024, including a 5.9% increase from 2023 to 2024. <\/p>\n El Paso was one of six Southern metro areas to rank among the nation’s top 20 for young homeownership accessibility and climbed 35 spots from last year’s ConsumerAffairs rankings. <\/p>\n Nationally, ConsumerAffairs found that rising home prices, mortgage rates and down payment challenges continue to make buying a home difficult for many younger Americans. However, the report concludes that markets like El Paso continue to offer a more attainable path to homeownership because of lower home prices, favorable lending activity and stronger participation from younger buyers. <\/p>\n RECOMMENDED: Texas WIC expands remote appointments, rolls out new EBT cards as El Paso families adjust<\/a><\/p>\n