hopes for homeownership
Dallas is among the 15 most 'house rich' cities in U.S., report says
With high interest rates and home prices making daily headlines, houses in Texas' current real estate market may seem out of reach for many potential homebuyers. But that isn't the case in Dallas. A new study has revealed Dallas is the No. 15 most "house rich" major city in the nation.
To define the term "house rich," home services provider All Star Home examined data from the U.S. Census Bureau regarding the median value of owner-occupied homes and the median household income across the 25 most populous American cities. A home-value-to-income ratio was established for each city based on the Census data, and rankings were determined based on whether a city had a low home-value-to-income ratio and high homeownership rate.
The study found 41.40 percent of all housing in Dallas is owner-occupied. The median home value of a home in the city is $275,400, according to the Census data, which also pegs the median household income at an estimated $65,400 per year.
Using those financial factors, All Star Home determined Dallas has a home-value-to-income ratio of 3.95.
Neighboring Fort Worth outpaced Dallas, ranking No. 4 in the nation, with a homeownership rate of 44.80 percent, and the median value of a home in the city is $212,300.
Elsewhere in Texas, El Paso took the No. 1 spot in the report, leading over all other major American cities with the highest homeownership rate (59.80 percent) and a home-value-to-income ratio of 2.68. San Antonio (No. 5) and Houston (No. 12) also earned spots in the report.
The top 10 most house rich major cities in the U.S. are:
- No. 1 – El Paso, Texas
- No. 2 – Oklahoma City, Oklahoma
- No. 3 – Indianapolis, Indiana
- No. 4 – Fort Worth, Texas
- No. 5 – San Antonio, Texas
- No. 6 – Jacksonville, Florida
- No. 7 – Columbus, Ohio
- No. 8 – Philadelphia, Pennsylvania
- No. 9 – Charlotte, North Carolina
- No. 10 – Phoenix, Arizona
All Star Home also analyzed the most house rich states in America, but Texas appeared at the bottom of the study's category for the least house rich states, ranking No. 21.
The full report can be found on allstarhome.com.