FORT WORT (CBSDFW.COM) – The housing crisis in North Texas has caught the attention of the country, including New York-based RealtyHop, a real estate technology firm.
A recent RealtyHop report found DFW ranked 17th among the least accessible cities in the United States.
Shane Lee, Data Scientist at RealtyHop, explained what this means.
“This means that Dallas households will have trouble finding a home to buy … we now look at Dallas as one of the least accessible cities in Texas.”
Lee added: “The average Dallas household will have to spend over 46% of their annual income on home ownership. This includes a $ 2,000 mortgage excluding the down payment. “
Since nearly half of household income is used to pay for DFW mortgages, and the increased demand coupled with low supply of homes, Lee suggests that home ownership can be a fleeting one for those looking to buy.
She said: “Housing costs are going up, and if wages do not rise at the same time, it will be more difficult for families to afford.”
Experts advise for promising buyers who can ride out the trend.
If not, Lee says, consider moving out of the city center and look to the surrounding suburbs, where prices tend to be lower.
Li said, “In suburban areas, you tend to know lower housing prices and have more inventory there. So definitely take a look around and don’t feel like you need to stay in the same city. I think the pandemic taught us that it’s okay to be flexible. ”