Dallas Ranked 16th Most Affordable Metro Area to Live in the United States

Are you interested in purchasing a home in the North Texas area? If so, you may be wondering how much money you will need in order to purchase an acceptable home in the region. While homes are priced within a wide range of price points in North Texas, a recent report released by the mortgage finance company HSH.com will help give you a better idea of what you can expect to pay when purchasing a home in Dallas and the surrounding area.

It is no secret that home prices have been on the rise in North Texas. In fact, in the past three years alone, prices have increased by somewhere around 28 to 30 percent. Nonetheless, the HSH.com report found that the median price of a home in Dallas is just $192,500. According to current interest rate data, your monthly house payment would be $1,136.70 for a home at this price. This means you need to earn $48,715.63 per year in order to afford a home in Dallas, which puts Dallas as the 16^th most affordable metro area of the 27 metro areas examined.

To determine the affordability of each metro area, HSH.com calculated the annual before-tax income that is necessary to pay for the principal and interest on a mortgage loan as well as the funds necessary for taxes and insurance. Nationally speaking, a person needs to earn $47,253.07 in order to afford a median-priced home. This means Dallas homeowners need to earn $1,462.56 more than the national average in order to afford a home in the metro area.

Given these statistics, now appears to still be a good time to purchase a home in Dallas. With prices on the rise, however, some parts of the Dallas metro area may soon be too costly for those who wish to make North Texas their home.

Dallas Home Affordability Compared to Other Parts of the Country

Not surprisingly, San Francisco topped the list as the least affordable metro area to live in the United States. According to the HSH report, the median price of a home in San Francisco is $738,300. At this cost, you must earn $141,416.54 per year in order to afford a home in San Francisco and your monthly house payment would come to $3,299.72. On the other end of the spectrum, Cleveland was the most affordable metro area with a median home price of $105,900. This means homeowners would need to earn $29,393.54 in order to afford a home in the area.

Two other Texas metro areas were also included in the report. San Antonio came in 18^th place with homeowners needing to earn $45,018.15 to afford a home with a median cost of $184,700. Houston took the 14^th spot with homeowners needing to earn $49,639.64 per year to afford a $200,300 home.

To learn more about North Texas real estate options or to get help with finding a Frisco home to suit your lifestyle and budget, contact our experienced team of real estate experts today.

Check out these Frisco homes priced from $200,000 to $300,000