According to the housing market overview report by the Real Estate Center at Texas A&M University, Dallas real estate is more affordable and obtainable than other real estate across the country as a whole.
That's good news for prospective home buyers looking for Dallas homes for sale. Even though Dallas is one of the most sought-after places to live and has one of the fastest growing economies in the country, Dallas real estate prices are remaining low.
According to the Texas A&M Real Estate Center of Texas A&M University, the median home price in the United States is $177,900. By comparison, the median home price in Dallas is just $162,800, and in Fort Worth, the median home price is even lower at $115,100. These numbers show that the home prices are very affordable in the Dallas - Fort Worth metroplex than compared to other places in the country.
What does that mean for people wondering if they can afford Dallas homes for sale? The report estimates that the average income required to qualify for home financing in Dallas is just $32,800. In nearby Fort Worth, those with an annual income of $23,189 can secure a mortgage. Both figures are significantly lower than the national average income needed for financing, which sits at $35,592.
Of course, there any many different types of homes for sale in the Dallas-Fort Worth area, ranging from meager and affordable to massive and thus more expensive. Even though real estate prices in Dallas are lower than in other places in the country, exactly what kind of houses are people buying in Dallas?
In 2010, the segment of homes that saw the most sales were those priced between $200,000 and $249,999, with 10.8 percent of all home sales occurring in this category. However, the second busiest price range consisted of much more affordable homes. Of all the Dallas home sales in 2010, 9.4 percent of the sales were for homes ranging in price from $120,000 to $139,999.
Many people have the impression that Dallas is a city that is simply too expensive to live in because of its ideal location, the pleasant climate, and the desirable school, home, and work environment the city provides.
Despite that commonly held assumption, the latest numbers show that anyone can afford to live in beautiful Dallas.
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