Housing Report

These 6 North Texas cities are the best for first-time homebuyers

5917 Saddle Club Trail house for sale in McKinney

McKinney is on the list.

Photo courtesy of Opendoor

One bright spot in 2020 has been the housing market. With interest rates at historic lows, people are making the move to buy a new home — for many, their very first. And where should those first-time homebuyers look? All around the Metroplex, according to a new national study.

SmartAsset recently released its 2020 edition of the best cities for first-time homebuyers, and six Dallas-Fort Worth cities appear on the nationwide list of 40.

To determine the rankings, the financial advice site compared 185 of the largest cities in the country across metrics in four categories: home market favorability, affordability, livability, and employment.

Garland, at No. 8, is the only Texas city to land in the top 10. The Dallas neighbor scores especially well in the employment (No. 3) and home market favorability (No. 13) categories.

Between 2013 and 2018, Garland's median home value jumped 56 percent, "the fourth-highest increase of any city in our top 10," SmartAsset notes. During the same time period, the median household income grew almost 32 percent. "With incomes rising, individuals may be able to put more money toward their savings and potential down payment," the site says.

Five other North Texas cities join Garland on the list:

Frisco, No. 11
Irving, No. 12
Arlington, No. 18
Plano, No. 24
McKinney, No. 27

In total, Texas is home to 11 of the best cities for first-time buyers, with Pasadena (No. 23), Corpus Christi (No. 26), Amarillo (No. 33), Brownsville (No. 37), and El Paso (No. 39) making the cut.

lists home-for-sale

Real Estate News

Dallas real estate developer pleads guilty to bribing 2 city officials

YouTube

Dallas developer Sherman Roberts

Dallas real estate developer Sherman Roberts pleaded guilty on November 12 to conspiracy to commit bribery, according to a release from the U.S. Attorney for the Northern District of Texas Leigha Simonton.

Roberts, 70, who previously helmed City Wide Community Development Corporation, was indicted in December 2020. According to court documents, Sherman bribed two city council members — Mayor Pro Tem Dwaine Caraway and City Council member Carolyn Davis — to support loans and low-income housing tax credits for his apartment projects.

In return for several thousand dollars in cash – plus the promise of future payments after her city council tenure ended – Davis lobbied for Roberts' real estate projects, including Serenity Place, Runyon Springs, and Patriot’s Crossing.

She promoted Serenity Place to the City Housing Committee, demanded other developers also seeking real estate funding withdraw their applications in order to increase Roberts' chances of success, recommended Serenity Place receive a 9 percent low income housing tax credit, and voted to approve a $1.9 million loan from the city of Dallas.

“Right now you and me are making money,” Roberts texted Davis shortly after the vote.

Later, she repeatedly reached out to ask for more money — "just a few dollars" — and he agreed.

Davis and Roberts then met with Caraway to address a problem with the Patriot's Crossing project. In return for several hundred dollars cash and a $2,000 monthly stipend, Caraway agreed to stop the city from issuing a request for proposal (RFP) for the Patriots Crossing project and to deliver the project for Roberts.

“How much is the project worth?” Mayor Pro Tem Caraway asked. “Once you’re successful with this project, don’t forget about me.”

“I won’t forget about you,” Mr. Roberts responded. “That’s where the money is… the money has never been an issue.”

Roberts now faces up to five years in federal prison. He is slated to be sentenced on March 12, 2025.

Caraway pleaded guilty in 2019 to conspiracy to commit honest services fraud and tax evasion and was sentenced to more than four years in federal prison.

Davis pleaded guilty in 2019 to conspiracy to commit bribery concerning an agent of a local government receiving federal benefits, but passed away in a car crash before she could be sentenced.

Roberts was one of three real estate developers charged in connection with the bribery scandal. Devin Hall, the developer behind the Grand Park Place apartment project, pleaded guilty in August 2020. Ruel Hamilton, the AmeriSouth Realty Group executive who backed the Royal Crest housing project, is awaiting retrial on conspiracy and bribery charges.

The Federal Bureau of Investigation’s Dallas Field Office conducted the investigation with the assistance of IRS – Criminal Investigation’s Dallas Field Office. Assistant U.S. Attorney Marcus Busch is prosecuting the case with the help of Assistant U.S. Attorney Donna Max.