This is how much Dallas mortgage payments spiked last year, Zillow says

Housing pain

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Dallas home owners are experiencing some sticker shock. Among the country’s 50 biggest metro areas, Dallas-Fort Worth saw the 10th biggest rise nationally in mortgage payments from March 2021 to this March 2022, according to a new report from real estate platform Zillow.

The report shows a year-over-over change of 48 percent in the typical Dallas-area mortgage payment. That figure is based on principal and interest for a 30-year, fixed-rate mortgage with a 20 percent down payment.

That compares with a nationwide jump of 38 percent.

Zillow says Dallas-Fort Worth's typical monthly mortgage payment is $1,445.

But, let's say it again: "At least we aren't Austin." The Capitol City saw the biggest spike nationally — a whopping 63.5 percent — last year. Zillow pegged the Austin metro area’s typical monthly mortgage payment at $2,299.

“Home shoppers are facing a one-two affordability punch this spring: Quickly rising mortgage rates are compounding affordability challenges that have been brought on by record home value growth,” Zillow says.

Other major Texas metro areas experienced year-to-year spikes in the typical monthly mortgage payment, but not nearly at the level witnessed in Austin. By comparison:

Dallas-Fort Worth ranked 10th with a 48 percent year-over-year increase in the typical monthly mortgage payment ($1,445).
San Antonio ranked 16th with a 42.8 percent year-over-year increase in the typical monthly mortgage payment ($1,256).
Houston ranked 21st with a 38.8 percent year-over-year increase in the typical monthly mortgage payment ($1,144).

Among the 50 biggest metro areas, Washington, D.C., registered the lowest year-over-year increase in the typical monthly mortgage payment, 27.4 percent, the Zillow report shows.

“Higher mortgage rates were anticipated this year, but the speed of their rise has been breathtaking,” says Jeff Tucker, Zillow’s senior economist. “Record-low mortgage rates had been an affordability lifeline during the pandemic, keeping monthly payments in check even while prices climbed quickly.”

“March was the biggest test yet of whether enough buyers can meet the new asking prices to keep home values growing at a record pace, and the answer was ‘So far, yes,’” Tucker adds. “There will be a point when the cost of buying a home deters enough buyers to bring price growth back down to earth, but for now, there is plenty of fuel in the tank as home-shopping season kicks into gear.”

Photo courtesy of Estately.com

New Zillow report forecasts how affordable Dallas is for homeowners

a good ratio

With real estate prices soaring, homes in Texas flying off the market at a record pace, and rising inflation nationally, new Dallas homeowners could be forgiven for worrying that most of their paycheck will go to their mortgage.

Fortunately, a new report from real estate platform Zillow paints a slightly rosy picture for local buyers.

The typical homebuyer in Dallas should anticipate spending 22.1 percent of their income on mortgage payments in December, according to Zillow's recent analysis. That's up from 19.8 percent in June — but not nearly as big an increase as other cities, including Austin (we'll get to that in a minute).

This report comes as Dallas has seen a major increase in home values over the decade (and a major population boom). The median home price in DFW skyrocketed 94 percent from 2011 ($149,900) to 2020 ($291,000), according to a new report from the Texas Association of Realtors, which reviewed home-selling activity across the state during the previous 10 years (2011 through 2020).

Other Lone Star cities' mortgage-affordability outlook include:

The typical homebuyer in Houston should anticipate spending 18.8 percent of their income on mortgage payments in December, up from 17.2 percent in June.
The typical homebuyer in San Antonio should anticipate spending 21.8 percent of their income on mortgage payments in December, up from 19.5 percent in June.

“Strong demand and rising prices for homes are overwhelming the ability of low mortgage rates to keep monthly payments down,” Nicole Bachaud, economic data analyst at Zillow, says in a news release. “As prices continue to outpace income gains, affordability constraints will start to slow home-price growth.”

At least we're not Austin
That's not the case, however, in Texas' capital.

Austin residents fretting about the region becoming more California-ized now have extra evidence to back up that concern.

Zillow predicts home affordability in the Austin area will keep falling to the point that it’ll be the country’s least affordable metro for homebuyers outside California.

As of June, Austin enjoyed home affordability greater than only eight major U.S. metros. But by December, Zillow expects Austin to drop below Seattle, Miami, and New York City for home affordability. If that happens, the five metro areas with worse affordability than Austin would all be in California: San Francisco, San Jose, San Diego, Los Angeles, and Riverside-San Bernardino.

“Austin in particular has seen monthly payments for new mortgages rising faster than income growth, a trend that has pushed the Sun Belt standout six spots down the affordability ranks over the past year,” Zillow says.

According to Zillow, the typical homebuyer in the Austin area should have expected to put 19.7 percent of their income toward mortgage payments in June 2020. A year later, that figure had climbed to 25.3 percent. Even if mortgage rates stay the same, Austin homebuyers should brace themselves to be forking over 30.1 percent of their income for mortgage payments in December, Zillow says.

By comparison, the same mortgage-payment numbers are projected to climb from 39.3 percent to 43.1 percent between June and December in San Francisco, and from 36.8 percent to 40.9 percent between June and December in San Jose.

Zillow notes that typical home values and sale prices in Austin remain less than half of those in San Francisco and San Jose. Nonetheless, that doesn’t discount the housing affordability crisis gripping the Austin area. In June, the median sale price of a home in the Austin area soared to $482,364, up 43 percent from the same period in 2020, according to the Austin Board of Realtors.

“One way for places like Austin and California to ensure that current residents aren’t being priced out as housing burdens rise and remain high is to relax zoning restrictions and create paths that make building new inventory easier,” Zillow says. “Increasing the supply of more affordable housing units — including high-density housing such as townhomes and condos — can also help to ease some of the price pressures for many who find current values unreachable.”

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Dallas-Fort Worth stars as top attraction for residents leaving Los Angeles, Zillow says

Home is where you hang your cowboy hat

Los Angeles’ population losses were Dallas-Fort Worth’s and Austin's gains in 2020.

A new report from residential real estate platform Zillow puts Austin at No. 3 and DFW at No. 4 among the five U.S. metro areas that saw the most inbound moves in 2020. For DFW and Austin, the Los Angeles metro area topped the list of places sending the most new arrivals, the Zillow report says.

Here are the top five metros for inbound moves last year:

Phoenix
Charlotte, North Carolina
Austin
Dallas-Fort Worth
Sarasota, Florida

The ranking is based on SIRVA/North American Van Lines data for moves in the first 11 months of 2020.

Zillow expects the population influx in Phoenix, Charlotte, and Austin to continue in 2021 as people in higher-cost markets seek lower-cost housing elsewhere. A Zillow report in January forecasted DFW as the sixth hottest housing market in 2021, and Austin as No. 1.

Aside from L.A., last year’s top sources of new residents in DFW were the New York City and Chicago metros.

San Jose and San Francisco — accounted for the most new arrivals last year in Austin (after L.A.), the Zillow report shows.

The metro area that experienced the most departures last year was New York City, followed by L.A., San Francisco, and Chicago, according to Zillow.

Zillow refers to this population shift as the “Great Reshuffling.”

In a March survey by Zillow, 11 percent of U.S. adults indicated they had moved in the previous year — either by choice or out of necessity. According to the U.S. Census Bureau, 9.8 percent of Americans moved in 2019.

“The pandemic brought an acceleration of trends we were seeing in 2018 and 2019,” Jeff Tucker, senior economist at Zillow, says in an April 6 news release. “More affordable, medium-sized metro areas across the Sun Belt saw significantly more people coming than going, especially from more expensive, larger cities farther north and on the coasts. The pandemic has catalyzed purchases by millennial first-time buyers, many of whom can now work from anywhere.”

In a typical year, other cities in Texas represent the most inbound moves for DFW and Austin. The Zillow report doesn’t reflect these relocations, in large part because many in-state movers don’t hire moving companies like North American Van Lines.

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Zillow reveals how fast home values are rising in Dallas-Fort Worth

Hot Homes

The spring selling season is underway, and those looking to purchase a home in Dallas-Fort Worth should expect to pay a premium — regardless of price point — Zillow says.

A new study from the real estate authority shows that the annual appreciation of DFW home values at all price tiers was at least 8 percent in February 2021, with home values in the most affordable tier growing the fastest.

In the Dallas-Fort Worth metro, the lowest tier of home values grew 9.5 percent year-over-year, to a typical home price of $194,484, Zillow says. That rate slightly outpaced home values in the middle tier, which were up 8.9 percent to $278,259, and home values in the top tier, which grew 8.6 percent to $445,949.

In most major U.S. metro areas, "homes in the entry-level segment of the market most likely to be sought by first-time and/or lower-income home buyers have also grown the most in value over the past year," Zillow says.

Two other Texas metros follow the national trend:

In the San Antonio metro, the lowest tier appreciated at a rate of 7.9 percent, to a typical home value of $153,904, compared to 7.3 percent for the top tier.
In the Houston metro area, the lowest tier saw a 9.3 percent increase, to $166,556, compared to a 7.4 percent increase for the top tier.

In Austin, however, home values in the most expensive tier grew the fastest, up 14.9 percent to $666,034. At the same time, the lowest tier of home values in the Austin metro area grew 14 percent year-over-year.

“Demand for homes in the Dallas, Houston, and Austin metros is largely uniform across price tiers," notes Zillow economist Arpita Chakravorty. "While home values in the most affordable segment are growing the fastest in Dallas and Houston, the mid- and higher-valued homes are quickly catching up due to strong demand. The spread between appreciation rates in Austin is tightening as well, indicating extreme competition across all price tiers."

Whether you're in the market right now or planning to house hunt in the future, don't expect things to slow down.

Looking ahead, Zillow expects the typical home value in each of the Texas markets mentioned to grow by at least 10 percent by next February. For Dallas-Fort Worth, Zillow predicts a 12.6 percent price increase — the largest in the state.

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Zillow reveals key opportunity for first-time homebuyers in hot Dallas market

House Hunt

With Dallas poised to be one of the nation's hottest housing markets this year, finding your first home is becoming increasingly challenging. But a new analysis from Zillow identifies a key area of real estate that could afford big opportunities to those trying to break into the market for the first time.

In 2020, single-family home sales soared (both nationally and locally), but condo sales were left behind, the real estate authority says.

While single-family home inventory dropped, condo inventory recovered and rose, and the national median condo sale price rose just 7-8 percent year-over-year, compared to single-family home prices growing by14 percent. Another bonus: condos generally are priced lower than single-family homes(in November, the median-priced U.S. condo sold for about $41,000 less than a home).

“Condos provide a unique opportunity for prospective buyers looking for a foot in the door, especially in markets where house prices have risen out of reach or where proximity to urban centers is a priority,” says Nicole Bachaud, economic data analyst at Zillow, in a release.

In Dallas-Fort Worth, condo inventory declined only slightly year-over-year, and local condos sold for far less than single-family homes. Here are the highlights of the DFW metro area's condo market, according to Zillow:

In November, the median sale price for a condo was $206,150, $97,183 less than for a single-family home.
Condo sale price was up 2.6 percent year-over-year in November, compared to 11.7 percent for a single-family home.
In December, condo inventory was down only 2.1 percent year-over-year, while single-family home inventory dropped 32.8 percent.

Zillow's report shows a similar trend in other top Texas markets. In Houston, the median condo price was $149,633 in November, a significant $117,533 less than the price of a single-family home. And in red-hot Austin, condo inventory actually increased year-over-year by 20.8 percent in December, while single-family inventory decreased 35 percent.

“In scorching-hot markets like Austin, competition for single-family homes is extreme. Prices in desirable locations may feel like they are climbing out of reach for first-time homebuyers, but condos are often an affordable alternative to large single-family homes," Bachaud says.

"Their lower prices and shared amenities, like landscaping and roof maintenance (a few items that can carry shocking price tags for new homeowners) can help a first-time buyer ease into homeownership and begin to build equity. As home values rise over time, these buyers can trade up to something bigger in just a few years."

Bachaud notes that mortgage rates are at near historic lows, which can help ease monthly costs, but she reminds that condos typically come with HOA fees that should be considered when calculating monthly expenses. And, while "shared amenities like a pool or gym aren’t exactly popular during the pandemic, [they] should regain their luster as the virus is contained."

Photo by Paul Bradbury/Getty

New Zillow study shows that Dallas-Fort Worth homes are selling in under a month

Red-Hot Real Estate

Have the stay-at-home orders convinced you it's time to buy a house, or upgrade to a bigger one? You're not alone — a new report from Zillow shows that Dallas-Fort Worth homes are flying off the market at their fastest pace in more than two years.

For the week ending June 13, it only took a median of 28 days for a DFW home to go from "available" to "pending." That's one fewer day than the same time last year, as well as six fewer from the same week in May 2020. To show just how quickly the market is moving, it's even two days less than the week before (ending June 6, 2020).

Inventory is still low thanks to the COVID-19 pandemic, with buyers in May finding themselves competing over the smallest pool of inventory on record for that month in years. But as "the new normal" begins to take hold, it seems that buyers are now eager to make up for lost time with speedy offers.

Surprisingly, DFW is lagging behind the rest of the country when it comes to red-hot real estate.

In mid-June, the typical home sold in the U.S. had an offer accepted 22 days after it was listed. That's as fast as homes have sold since early June 2018, when they typically sold in 21 days. Even at the slowest point of the spring — in late May — that national number only climbed to 31 days, just six days slower than late May last year.

"Buyers shopping today might expect to be welcomed by desperate sellers, but they'll instead discover houses selling like hotcakes in the speediest market in recent memory," says Zillow economist Jeff Tucker. "The market did slow down in April, but anyone shopping this summer needs to be prepared to keep up with the lightning-quick pace of sales today.

"The question is whether the tempo will slow after buyers finish playing catch-up from planned spring moves, or if this fast-paced market will stay hot thanks to continued low interest rates and buyers scrambling over record-low summer inventory."

Home sales are still moving relatively quickly around the Lone Star State, especially in Austin. Homes there are moving within 12 days a change of three days from 2019, three days from May, and one day from the previous week.

In San Antonio, it took a median 32 days for listings to move to pending. That's down two days from last year, down four days from last month, and no change from the week before.

Houston homes are only available for 26 days — three days fewer than last year, nine days fewer from last month, and four days fewer than even the week ending June 6.

Homes are selling the fastest — in only five days — in Columbus, Ohio. Cincinnati, Ohio (six days); Kansas City, Missouri (six days); Seattle (seven days), and Indianapolis (seven days) are just behind. Pittsburgh has seen the most dramatic acceleration of late, with sellers typically accepting an offer 17 days sooner than at this time last year and 40 days sooner than a month ago.

The slowest market by some margin is New York, where homes are typically spending 70 days on the market before an offer is accepted, more than three weeks longer than at this time last year. Miami (55 days) and Atlanta (38 days) are the next slowest.

Zillow points out that more homes are coming onto the market — new listings are up 14 percent nationally month-over-month — showing that sellers appear to be gaining confidence in buyer demand. Inventory remains incredibly tight and sales are happening quickly, so buyers should be prepared to move fast when they find a home they're interested in.

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Spectacular new drive-thru Light Park will electrify Frisco for 2023 holidays

Merry & Bright

A dazzling new holiday lights experience is coming to Frisco, and the lights are switching on very soon.The Light Park, an immersive drive-thru attraction that claims to have "the longest light tunnel in the world," will debut at Riders Field on November 3 and run through January 1, 2024.

It'll be the second Light Park in Dallas-Fort Worth this season; the popular location at Hurricane Harbor in Arlington also will return on November 3. There are also Light Parks in the Texas cities of Selma, Katy, and Spring.

The Light Park is a described in a release as "a mile-long drive-thru spectacular" during which guests "witness millions of lights synchronized to an electric mix of music by DJ Polar Ice from the North Pole’s #1 Hit Radio station, K-GLO."

"Everyone (pets, too) can experience the magic of traveling through the longest holiday light tunnel in the world, rocking out to the coolest tunes, and kicking off the holiday season with the most Instagram Reel-worthy shots, for just one admission fee,” says Matt Johnson, co-creator of The Light Park, in the release.

That admission fee starts at $29 per vehicle (not per person). Tickets must be purchased online, in advance, with a reserved entry time. Admission varies per showtime (weekdays and weekends).

Although DFW has some longtime favorite drive-thru light experiences (such as Prairie Lights in Grand Prairie and and Gift of Lights at Texas Motor Speedway), they became a hot trend during the "socially distanced" holiday season of 2020. Visitors to The Light Park must stay in their cars the entire time while visiting the park and while on the park property, organizers say. Guests are encouraged to bring their snacks to enjoy while in their cars or can pre-purchase some snacks and souvenirs.

The Light Park will be at Riders Field, 7300 Rough Riders Tr., Frisco. Hours will be: 5:30-10 pm (weekdays), and 5:30-11 (weekends and Christmas week).

More information and early-bird tickets are available on the website.

Where to play pickleball in Dallas-Fort Worth

Pickle Mania

In case you missed it, pickleball is big news in Texas. Rockwall hosted a televised tournament this summer and the national championships, scheduled for November, are now located in Farmers Branch. You can even rent people's private pickleball courts by the hour.

If you have yet to get on the court — or are looking for a spot to share your obsession with friends on a night out — here's a quick list of places to play in Dallas-Fort Worth:

Food and fun

Chicken N Pickle
Really amp up the social aspect of the sport with this hybrid, a chef-driven restaurant, multiple bars, lawn games, and several courts. Grapevine and Grand Prairie already have locations, with one planned for Allen next fall.

Courtside Kitchen
The first in Fort Worth, its motto is "carpe drink 'em." You can purchase a membership for priority court booking, or just kick back with some apps and watch others at play — especially during happy hour.

Fieldhouse USA
Find a little bit of everything here indoors in Frisco, including open play pickleball Monday through Friday with a $5 pass.

At Fault
Technically it doesn't open until the spring, but make a mental note now for this "elevated" indoor-outdoor facility that will boast 40,000 square feet of entertainment space.

Just here for the sport

Aaron Family Jewish Community Center of Dallas
Indoor and outdoor courts are available for both members and non-members of this JCC, which also has lessons and clinics. It's bring-your-own-gear, as a heads up.

Cole Park
A little Uptown gem of a park, it has converted some tennis courts into six pickleball courts (that are also lit for night play). You can't reserve the courts, so either get there early or be prepared to wait.

Fretz Tennis Center
Three outdoors courts feature open play Tuesday through Friday, with games on Saturday. Reservations are $5 per person for 90 minutes. The Dallas Pickleball Club also plays games here, if you're looking to join a league.

LB Houston Tennis Center
Another facility where reservations are $5 per person for 90 minutes, but it also offers an unlimited monthly membership and several leagues you can join.

McLeland Tennis Center
Don't let the name fool you — there are two dedicated pickleball courts and four hybrid courts at this Fort Worth faciity, plus free entry-level paddles and only $3 for professional demo paddles.

Oasis Pickleball Club
With 42 outdoor courts, eight covered courts, and two championship courts, it's no wonder this Rockwall club hosts lots of pickleball tournaments.

Samuell Grand Tennis Center
Clinics and open play abound on these four outdoor courts near White Rock Lake, and a family of four can purchase an unlimited multi-club membership for only $36 a month.

The Courts of McKinney
Monday through Wednesday, anyone — both members and non-members — can play pickleball on the six painted courts and also take advantage of onsite instructors during open play.

Tower Club
This may be a private, members-only club located on the 48th floor of the 50-story Santander Tower in downtown, but non-members can rent courts by the hour on "the highest pickleball court in the world." A nice bonus is that part of the rental proceeds benefit Bonton Farms, which is committed to combating the effects of poverty in South Dallas.

Don't forget to check your local recreation center website — chances are your area has pickleball courts now!

These are the 8 best food and drink events in Dallas this week

This Week in Gluttony

Embark on a culinary tour around the world this week with food events influenced by Italy, Germany, and Canada. A taste of Texas is also on the menu thanks to a two-day barbecue festival at AT&T Stadium. Wrap up the weekend with a modern Mexican Sunday brunch inspired by the flavors of fall.

Tuesday, October 3

Bendt Distilling Rye Release Pairing Dinner at Whiskey Cake Plano
Local Bendt Distilling Co. will be featured during this five-course whiskey pairing dinner, which will come with a sneak peek tasting of Bendt’s new release, Unbendt Rye. The menu is big on fall flavors with items like apple and shaved fennel salad with duck fat croutons, “High Society Thanksgiving” with roasted duck and sage stuffing, and a bone marrow luge with smoked tomato preserves. The dinner is $100 per person, plus tax and gratuity, and begins at 7 pm.

Thursday, October 5

Piroshky Piroshky Bakery Pop-up at Outfit Brewing
Bakery founded in Seattle will stop in Dallas on a Texas-wide tour, offering their signature Russian hand pies in delectable fillings such as beef & cheese, cabbage & onion, and vegan-friendly mushroom & potato. The full menu is online, and pre-ordering is required by October 3 at 4 pm. There's a minimum order of $50. Pickup at the brewery is 5-7 pm.

Saturday, October 7

Canadian Thanksgiving at Maple Leaf Diner
Canadian Thanksgiving is Monday and Maple Leaf Diner is celebrating all weekend long. Visit Saturday October 7 through Monday October 9 for holiday specials including a Thanksgiving plate with turkey, stuffing, cranberry sauce, mashed potatoes, gravy, acorn squash, carrots, green beans, a sweet potato tart, and a roll ($17.99), turkey poutine ($12.49), and Thanksgiving pumpkin pancake wrap ($11.99). Dine-in hours are 7 am-4 pm on Saturday and Sunday, and 7 am-2:30 pm on Monday, but the Thanksgiving plate and bakery items will be available for pick-up until 6 pm.

Q BBQ Fest at AT&T Stadium
Arlington will get a little smoky when more than 30,000 pounds of brisket, chicken, pulled pork and ribs are dished out over two days at AT&T Stadium. Hosted by the Dallas Cowboys and Miller Lite, Q BBQ Fest will feature pitmasters from across Texas and throughout the nation. AYCE tickets start at $69 (alcohol not included). Or go VIP ($129) and enjoy an open bar along with access to exclusive lounge areas and VIP-only pitmasters. Tickets are $35 for young adults ages 13-20, and children under 13 get in free. The event runs from 11 am-8 pm on Saturday and 10 am-2 pm on Sunday. Note that tickets are sold in three- and four-hour time blocks.

Frisco Oktoberfest at The Star in Frisco
Fourth annual Bavarian celebration features stein-hoisting competitors in the Biergarten, brat-eating contests, keg rolling races, stein relays, live entertainment from authentic German groups and local talent, plus Oktoberfest favorites such as pretzels, sauerkraut, funnel cakes, brats, Bavarian sausages, kaiser rolls, apple strudel, baklava, and German bee sting cake, as well as selections from The Star eateries La Parisienne, Pete’s Dueling Piano Bar, The Common Table, and more. Plus Oktoberfest biers. 11 am-9 pm.

DFW Italian Heritage & Food Festival
An inaugural celebration of Italian culture with food, wine tastings, and musical performances, this festival will take place in Las Colinas at 5220 N. O’Connor Blvd. from 12-10 pm. Food for purchase from local vendors will range from New York-style pizza, parmigiano fries, and meatball sandwiches to arancini, tiramisu, and gelato. Patrons can also sip on frozen bellinis and Aperol spritz cocktails. The event is hosted by DFW Italians, a non-profit whose mission is to promote, celebrate, and preserve the rich heritage and culture of Italy. Admission is $15 for adults, $5 for young adults 11-20, and children 10 and under get in free.

19th Annual Oktoberfest at The Sons of Hermann Hall
The historic German dance hall will host a 20-piece polka band to celebrate German culture with food, beer, and merriment. The $18 ticket price includes a traditional German brat dinner plate. The party will run from 5-10 pm.

Sunday, October 8

Basic B*#ch Brunch at La Neta Cocina y Lounge
The Las Vegas-based modern Mexican restaurant will dive deep into fall flavors with an autumn-themed activation featuring photo ops, fall décor, live music, and menu specials. Visit for pumpkin spice espresso pancakes with brûléed meringue, apple cinnamon French toast, and cocktails like apple cider mimosas, brown sugar espresso martinis, and pumpkin spice margaritas. Brunch will be served from 12-4 pm and reservations are recommended.

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