DALLAS — Editor's note: This article originally appeared in the Dallas Business Journal here.
Dallas is the least affordable city for housing in North Texas and the second least affordable in the state, a new RealtyHop study reports.
The home listing platform analyzed proprietary and ACS Census data to create an index of housing affordability in Dallas-Fort Worth and showcase homeownership burdens.
The RealtyHop Metro Affordability Report found that families in Dallas earning the city’s average household income of $64,849 spend 40% of their income on mortgage and property tax payments. The median asking price in Dallas is $374,000.
Garland is the most affordable housing market in the metro area. The median asking price in the city is $310,000, and homeowners earning Garland’s average household income of $75,494 allocate 29% of their budget to paying for their home.
Fort Worth and Plano became less affordable this month and saw their median real estate value rise 2.9% and 3.4%, respectively. Despite becoming less affordable, Plano is the second most affordable housing market, and the city’s homeowners spend 33% of their income on home payments.
Irving became more affordable and saw its median list price decrease by 2.6%.
Nationally, homeowners in 66 major cities across the country spend over 30% of their income on housing costs, and in the 25 most unaffordable markets, households continue to spend over 40% on home payments. Dallas is the 25th least affordable housing market in the country.
Austin, the only Texas city ranked less affordable than Dallas, is the 19th least affordable housing market in the country. A family earning the city’s median income of $88,278 spends 43% of their income on home payments, and the average home price in Austin this month is $549,900.
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