Today, more people in their 20s and early 30s are renting than ever before. In many cases, they hold large debts in the form of student loans, or their earnings remain low as the economy continues its slow recovery.

The schools research website Niche Ink recently ranked Houston at number 21 among its list of the top cities and neighborhoods for Millennials. People age 25 to 34 make up about 15 percent of the population, with Midtown ranking as the city’s best neighborhood for these young adults and the University of Houston as a top draw. Relatively low median rents of $860, an “average” crime rate and a median annual income of $28,306 all helped the city land at this ranking.

The publication arrived at its conclusion after surveying 500,000 college students and recent graduates. Factors that were considered in the rankings also included diversity, the unemployment rate and the percentage of the population with a college diploma.

Decent wages and a low unemployment rate are certainly helpful in attracting Millennials who are working to pay off student loans and other debt. Many have put off purchasing homes, and even renting is out of the question for some. A recent Harvard University study revealed that in 2013 the number of adults living with their parents increased by about 2.1 million. That same year, student loan balances increased by about $114 billion.

With the economy on more solid footing, many are ready to strike out and buy their own homes. Nielsen expects Millennials to spend about $1.6 trillion on purchasing homes and an additional $600 billion on rent in the next five years. Of those Millennials surveyed, 80 percent said they either plan to buy a home or they already own one. This maturing market spells good news for the real estate industry, both in terms of a general desire among Millennials to own a home and the generation’s size. The Millennial generation comprises about 77 million Americans, or 24 percent of the U.S. population. It is roughly the same size as the Baby Boomer generation and seems to be on the verge of stepping into home ownership.

However, many Millennials had trouble saving for a down payment and 97 percent financed their purchase, with a typical down payment of just 5 percent, compared to 10 percent for Gen Xers and 23 percent for the oldest homebuyers. Twenty percent of Millennials said they had trouble saving for the down payment.