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Dallas ranks as No. 1 housing market to invest in right now

Dallas ranks as No. 1 housing market to invest in right now

1639 Homewood Pl Dallas house for sale living room
Buy a home in Dallas — Forbes says you won't regret it. Photo courtesy of Dave Perry-Miller Real Estate

If you're going to take the leap and invest your money in real estate this year, it's reassuring to know you're buying in the right place. And according to Forbes, Texas is most definitely the right place.

The business website teamed up with Local Market Monitor, a North Carolina-based company that tracks more than 300 housing markets, to determine the 20 markets where population, jobs, and home prices are growing the most, and therefore where it's smartest to invest in housing.

Of those 20 cities, three are from Texas and one — Dallas — nabs the No. 1 spot. Fort Worth shows up at No. 9, and San Antonio appears at No. 20.

Booming Dallas, which already welcomed more new residents in 2015-16 than any other U.S. metro, will likely up its current 4,604,097 population by 6.2 percent in the next three years. That'll bring in 3.9 percent year-over-year job growth, and skyrocket home price growth by a staggering 9 percent (the current average home price in Dallas is $233,000).

The Alamo City's population is currently at 2,328,652, but expected to grow by 6.5 percent in the next three years. Year-over-year job growth is forecast at 1.7 percent, and year-over-year home price growth is projected to be 7 percent. The current average home price in San Antonio is $210,000.

In Fort Worth, the home price growth is even higher at 9 percent (right now the average price is $206,000). Cowtown's population of 2,350,233 is expected to grow 5.2 percent by 2020, with job growth following suit at 2.3 percent.

While cities from all over the country show up on the list, Florida does dominate with four metros in the top 10. Jacksonville is No. 2, Orlando comes in third, West Palm Beach is No. 5, and Tampa-St. Petersburg ranks No. 7.