Real Estate Technology Company Says Dallas 17th Least Affordable City in US to Buy a Home – CBS Dallas / Fort Worth
FORT WORTH (CBSDFW.COM) – The housing shortage in North Texas has caught the nation’s attention, including RealtyHop, a New York-based real estate technology company.
A recent RealtyHop report showed that DFW ranked 17th in the United States for least affordable cities.
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Shane Lee, data scientist at RealtyHop, explained what this means.
“This means Dallas households will have a hard time finding a home to buy… we believe Dallas is currently one of the least affordable cities in Texas.”
Lee added, “The average Dallas household will need to spend more than 46% of their annual income on homeownership. This includes a $ 2,000 mortgage and does not include the down payment.
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With nearly half of household income being used to pay off their mortgages in DFW and increased demand associated with lower housing supply, Lee suggests that homeownership may be short-lived for those looking to buy.
She said: “Housing costs are rising and if wages don’t go up at the same time, it will be harder for families to afford. “
Experts suggest bullish buyers who can wait until the trend ends to do so.
Otherwise, Lee says to consider moving away from city centers and looking at nearby suburbs where prices tend to be lower.
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Lee’s said, “Suburban areas tend to let you know about lower housing costs and you have more inventory there. So take a look around and don’t feel like you have to stay in one city. I think the pandemic has taught us that it’s okay to be flexible. “