Blog From Nicholas Brown
For the majority of the nation, it is cheaper for residents to purchase a home rather than rent. This is true for 66 percent of the 540 U.S. counties in a study performed by Attom Data Solutions. But Dallas-Fort Worth counters this trend.
In North Texas, median home prices have risen by almost 50 percent over the last five years. In an area of the country long-known for affordable home prices, compared to other major metros around the nation, Dallas-Fort Worth has dropped off the list of affordable home-buying markets. According to Darin Blomquist, Senior Vice President of Attom Data Solutions, “Dallas is less affordable to buy because although rents have been skyrocketing there during the housing boom, home prices have been rising at hyper speed. Since 2012, median home prices in Dallas County have risen by 47 percent while fair market rents have risen 24 percent during that same time period.”
Although rents are currently outpacing home prices, over the long term, home prices have risen even faster. Rents are up 12 percent while home prices are up by 8 percent over the last year. Home prices in DFW are expected to rise another 7.3 percent by April 2018, according to Zillow.com. With rising mortgage rates and ever-increasing home prices, North Texans will find it even more difficult to afford a home, and will see renting as the most affordable and easily-accessible option.
Nicholas Brown (BIO) is an advisor with Greystone Investment Sales Group in Dallas, TX. If you want to learn more about our Mutli-Family Listings, Single-Family Rental Portfolios, Land Sale Listings, or Property Valuations with Greystone Investment Sales Group, contact our office:
Dallas, Texas 75240