As anyone looking for a house in Dallas-Fort Worth right now can tell you, the real estate market here is red hot. And according to a new study by WalletHub, the suburbs surrounding Dallas are some of the best cities in the country for first-time buyers.
In fact, North Texas nabbed five of the top 10 slots and nine of the top 20: Allen ranks No. 2, followed by Frisco (5), Plano (6), Carrollton (7), McKinney (8), Grand Prairie (11), Richardson (12), Garland (17) and Arlington (20).
Denton and Irving landed at Nos. 23 and 24, respectively, while Fort Worth came in at No. 42. Dallas brought up the rear at No. 93. The No. 1 city for first-time homebuyers is Overland Park, Kansas.
The WalletHub study looked at 300 American cities and determined the rankings using three general categories: housing affordability, real estate market and living environment. If the rankings had been based solely on the market, Dallas would have come in at No. 2. But an abysmal ranking of 282 in housing affordability and a 76 in living environment sent the city plummeting.
Three Dallas suburbs rank in the top five for highest median annual income (adjusted for cost of inflation): Frisco (No. 1), Allen (No. 3) and McKinney (No. 5). Frisco also scored well (No. 2) for highest median home-price appreciation. Dallas was not too far behind, at No. 5.
With multiple big companies moving into the northern 'burbs and property values heading northward, first-time home buyers might need to act fast to take advantage of the current market friendliness.