Audio By Carbonatix
Compared with many of the United States’ other large metro areas, the median home in DFW remains (relatively) cheap, according to new research from HSH, a mortgage information firm.
The median Dallas-area home — which costs $189,600 says HSH — is affordable for households making $48,786.53 or more, the 12th lowest number among the country’s 27 biggest metros. Despite DFW being the fourth largest metropolitan area in the country, that $48,786.53 is just slightly more than the national average of $48,603.82.
HSH’s numbers do have to be taken with several medium-sized grains of salt. They’re based on the assumption that people are putting 20 percent down on their homes and that those same people are only paying 28 percent of their income for housing. Those things being said, the data is interesting, especially for relating relative costs across the country.
San Francisco, obviously and by far, requires the biggest average salary ($142,448.33) to make HSH’s affordability standard. Pittsburgh requires the lowest ($31,716.32). Among Texas metros on the list, San Antonio’s housing is slightly more affordable than Dallas’ ($45,374.30) while Houston’s is slightly more expensive ($49,983.37).
When news happens, Dallas Observer is there —
Your support strengthens our coverage.
We’re aiming to raise $30,000 by December 31, so we can continue covering what matters most to you. If the Dallas Observer matters to you, please take action and contribute today, so when news happens, our reporters can be there.
A similar study done by Zillow late last year analyzed the income necessary to afford the median rental unit in Dallas. That figure was actually higher ($56,900). The metro’s median rent was $1,423 while the payment on HSH’s median Dallas mortgage is only $1,138.35.
See also: If You Make Less Than $28 an Hour, You Can’t Afford Median Rent In Dallas, Says Zillow
HSH’s new information represents the reversal of a trend. For three straight quarters, its affordability number for Dallas had ticked up. The most recent numbers show a 2 percent drop.
(h/t Vox)
