Texas ranks No. 42 among the 50 states in mortgage approval, while single women and millennials are less likely to be homebuyers in Dallas than in most other large cities, according to recent data.

About 88.4% of mortgage applications of all types are approved in the Dallas area, which is the 16th-lowest for any large metro area in the country, according to 2020 data from the Federal Financial Institutions Examination Council’s Home Mortgage Disclosure Act, compiled by Stessa.

Nationwide, the mortgage approval rate in 2020 was 86.3%, with a median loan amount of $235,000.

In Dallas, the median mortgage in 2020 was $255,000, and the median interest rate was 3.2%.

 

Meanwhile, mortgages for millennials and women in Dallas are not as robust as in other large cities.

Mortgages taken solely by women represented 19.7% of homebuyers in the Dallas area in 2020, the ninth-lowest among major metro areas, according to data compiled by Inspection Support Network. The median loan amount for women in Dallas was $235,000, and the median loan-to-value ratio for women was 89.3%.

Nationally, women represented 21.4% of homeowners in 2020.

The picture for millennials overall is better, but the Dallas area still ranks 18th-lowest in the United States for homeowners age 25-34 years old, according to data compiled by Construction Coverage.

That age group accounted for 30.7% of mortgages in 2020, compared to 29.7% nationally.

From Construction Coverage’s analysis of millennial home-buying trends:

Since 2014, millennials have comprised the largest share of homebuyers in the U.S. Today, the generation makes up about 37% of all homebuyers, according to a recent National Association of Realtors report, with Gen Xers comprising the next biggest group at 24%. A survey of millennial homebuyers in late 2020 revealed that over half had accelerated their planned home purchases in response to the pandemic.

Here is a breakdown of millennial home-buying in the Dallas area in 2020.

  • Millennial share of home purchase loans: 30.7%
  • Total millennial home purchase loans: 28,294
  • Median loan amount: $265,000
  • Median loan-to-value ratio: 90.0%
  • Median interest rate: 3.1%


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