Five of the top 25 cities for home value appreciation are in Texas, but where does Dallas fall? Where does the state fall when it comes to affordability? And how many Texans (and Dallasites) can afford the median home price?
We have all this in this week’s roundup of real estate news.
Texas Leads Pack in Home Value Appreciation — Where Is Dallas?
An analysis by Forbes revealed that of the top 25 cities in the country where home values are still rising, five are in Texas.
Midland, Beaumont, Odessa, Irving, and Dallas all have seen home values rise by more than 11 percent year-over-year. Midland had the largest increase at 17.2 percent and came in No.2 on the list. Beaumont was No. 9 at 11.9 percent, Odessa came in No. 12, at 11.6 percent, Irving was 13th with 11.6 percent, and Dallas was 14th at 11.4 percent.
“Texas property taxes might be on the higher side, but with tons of cities to choose from and plentiful supply without oversaturation makes homes in Texas both affordable and a good investment,” the report said.
Forbes looked at the year-over-year change in median home values for the 300 largest cities, using data from Zillow.
Source: Forbes
National Low-Income Housing Coalition Ranks Texas 20th on Affordability
Majority of Texans Can’t Afford the Median Home Price
The majority of Texans cannot afford the median home price for their county, ATTOM Data Solution’s 2019 U.S. Home Affordability Report for the second quarter revealed.
Seventy-four percent of average wage earners in Texas can’t afford the average home price. Dallas County was one of 288 counties where wage growth outpaced home price growth, but Tarrant County was one of 40 percent of Texas counties where home price appreciation outpaces wage growth.
ATTOM’s report looked at the amount of income needed to make a monthly mortgage payment on a median-price home, assuming a three percent down payment and a 28 percent maximum debt-to-income ratio.
Source: ATTOM Data Solutions
