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    Boom town

    This affluent Dallas suburb nails down more home-building permits than Frisco

    John Egan
    Jun 21, 2021 | 2:15 pm
    Celina new home
    New home developments are springing up all over Celina.
    Facebook/City of Celina

    For years, Frisco has been one of the fastest-growing cities in the state and the country. Naturally, a building boom has accompanied that growth.

    Now, though, another Dallas suburb is outpacing Frisco in home construction.

    Through May 31 this year, Celina issued 1,352 residential building permits, according to a City of Celina news release. By comparison, nearby Frisco issued 1,283 permits during the same five-month period. Put another way, Celina handed out 5.4 percent more residential building permits than Frisco did.

    “Celina is positioned geographically, demographically, and economically to quickly become one of the largest communities in North Texas,” the city’s news release says.

    Celina — about 40 miles north of Dallas — is also one of the most affluent suburbs.

    In January, a ranking from data provider HomeSnacks showed Celina catapulted 11 spots — from No. 14 to No. 3 — on the newest list of Texas’ wealthiest cities. Median household income sits at $124,375, the survey showed, the unemployment rate is 1 percent, and the poverty rate is 0.7 percent.

    Projections show Celina’s population eventually will reach 378,000. The city estimates the current population at 28,000. With an estimated population of 209,194, Frisco is about 10 times bigger than Celina.

    Celina “is growing at a pace beyond what anyone would have expected,” City Manager Jason Laumer says in the news release. “While we welcome this growth, this city must grow in a way that allows us to maintain our longstanding culture. As Celina grows, the city is committed to guarding the very heart that makes this community the greatest place to live.”

    Fueling this growth are projects like the Villages of Uptown, a nearly 700-acre development in Celina that will accommodate 2,500 single-family homes.

    home-for-sale
    news/real-estate

    housing news

    This is how much longer Texans must save for a home than in 2016

    Amber Heckler
    Jul 6, 2026 | 2:25 pm
    House fund jar
    Photo by Sandy Millar on Unsplash
    It would take 7.2 years for Texans making the state's median household income of $84.084 to save enough money for a down payment on a house in 2026.

    It's no secret that purchasing a home in 2026 has become an ever-shifting financial goalpost that requires a lot more money than it used to. And a new study has just revealed it takes 9 months longer for Texas residents to save for a down payment than it did a decade ago.

    SmartAsset's new report, "Where the Down Payment Burden Has Grown Most," analyzed typical home values in each state in 2016 and 2026, and compared them with median household income to estimate how many years of savings would be required to afford a 20 percent down payment (based on the assumption that households set aside 10 percent of their annual income). The analysis also evaluated how long a minimum-wage earner in each state would need to save for a down payment in 2026.

    For Texas households making a median income of $84,084 in 2026, it would take 7.2 years to save enough money for a down payment on a house with the state's typical home value of $302,187.

    In 2016, it would have taken a little less than 6.5 years based on a median household income of $56,565 and typical home values at $181,155.

    Texas ranks 41st nationally in SmartAsset's comparison of states with the highest increases in the amount of time needed to save for a down payment from 2016 to 2026. The report's findings proved how "saving for a down payment has become a moving target" for many Texas residents and Americans as a whole.

    "As rising home prices outstrip wage growth, the amount of time buyers may need to set aside enough money has changed sharply in many parts of the country," the report said. "In some states, rising incomes have helped offset higher home values. In others, buyers may face a substantially longer path to ownership than they did just one decade ago."

    Homebuying prospects for minimum wage earners
    For a minimum wage earner residing in Texas, it would take 40.1 years to save enough money for a down payment at current home prices. Texas and 19 other states have a $7.25 hourly minimum wage, which amounts to just over $15,000 a year.

    SmartAsset further confirmed that it's "essentially impossible" to save for a down payment on a minimum wage income alone regardless of which state you live in.

    "Even in Missouri, the most favorable state, a minimum-wage earner would need 17 years to save enough for a home down payment," the report added. "In Utah, that timeline exceeds 70 years."

    The top 10 states where the "down payment burden" has grown the most are:

    • No. 1 – Idaho
    • No. 2 – Rhode Island
    • No. 3 – New Hampshire
    • No. 4 – Maine
    • No. 5 – Utah
    • no. 6 – Montana
    • No. 7 – Washington
    • No. 8 – New Jersey
    • No. 9 – New York
    • No. 10 – Massachusetts
    home ownershiphome priceshousingreportssmartasset
    news/real-estate
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