Looks like Dallasites in the market for their first home have chosen the right time to buy. Not only are home values rising (while list prices remain relatively flat), but the city has again been named one of the best for first-timers.
A new report from SmartAsset ranks Dallas 10th among the 10 best cities for first-time homebuyers in 2018. The finance company looked at seven factors to determine where first-time homebuyers should put down roots: number of HUD-approved lenders, loan funding ratio, average price per square foot, affordability ratio, stability score, price variance, and number of negative quarters from 2012-2017.
With 187 HUD-approved mortgage lenders — the third highest on the list — Dallas buyers "should have no trouble shopping for a mortgage," says SmartAsset. And, Dallas is touted as a safe housing market in which to invest, as it has seen zero negative year-over-year quarters in the time period studied.
Dallas also boasts a price per square foot of only $90.58 and a loan approval rate of 67 percent. (Earlier this year, Zillow also named Dallas the No. 10 market for first-timers using a different set of metrics, including price cuts and inventory.)
Texas is home to three of SmartAsset's 10 best markets for first-time buyers, with Houston at No. 4 and San Antonio at No. 7. H-Town boasts the highest number of HUD-approved lenders, while the Alamo City is celebrated for its affordability.
Five other Texas cities appear on the finance site's full list of 25: Fort Worth (11), Arlington (14), Corpus Christi (16), El Paso (20), and Austin (24).