When we first moved to Texas, we settled into a garage apartment in rural Wylie (in front of, no joke, a chicken-crossing sign). A month later, it was on to regular apartments in Garland and Arlington. Then on to homeownership in Arlington.
We felt we took the natural progression toward homeownership. So, it was intriguing to see SmartAsset’s 2020 study of the best cities for first-time homebuyers.
The Dallas-Fort Worth area is well-represented in this study. The metro area has six cities on this nationwide list of 40, which were culled from 185 of the largest U.S. cities. Metrics were calculated in four categories: home-market favorability, affordability, livability, and employment.
Garland ranks eighth, best in Texas (Although we didn’t buy in Garland, it was a wonderful place to get started). Between 2013 and 2018, Garland’s median home value jumped 56 percent, according to SmartAsset. In the same period, the median household income grew by nearly 32 percent. Garland ranked third in employment (8.1 percent unemployment in July) and 13th in home-market favorability.
The ingredients were there for Garland: “With incomes rising, individuals may be able to put more money toward their savings and potential down payment,” according to the study.
Arlington is 18th. Frisco is 11th, Irving 12th, Plano 24th, and McKinney 27. Grand Rapids, Mich., ranked as the top city for first-time homebuyers.
Other Notable Reports
- CoreLogic: Austin-area home prices were up nearly 8.7 percent from September 2019 levels, the largest gain among major metros in Texas, according to the latest data from research firm CoreLogic. In the same period, prices rose 5.3 percent in the Dallas area. In Fort Worth, prices were up 5.3 percent. The bad news: According to CoreLogic’s projections, the Dallas area is expected to see a 1.2 percent price decline by September 2021.
- Zillow’s Weekly Market Report: The Dallas-Fort Worth area’s total for-sale listings were down 36.7 percent year over year, slightly better than the national percentage of 37.4, according to Zillow. New year-over-year listings were down 21.7 percent, nearly three times the national percentage of 7.4. D-FW median sales prices year over year were up 11.8 percent, better than the national 12.5 percent total. Read more here.
- Dallas Metro Report: Dallas is the most expensive city in the Dallas-Fort Worth area for one-bedroom apartments, according to Zumper. A one-bedroom unit in Dallas goes for $1,230 a month, just $10 more than Grapevine at $1,220. Frisco saw its 1BR rent fall to $1,210, third on the list. The least expensive is Mesquite at $850 for 1BRs. Garland might be the best D-FW city for first-time homebuyers, but it is doing its best to keep you in an apartment with year-over-year rent falling to 12 percent, the largest decline in D-FW. Read more here.
