Rising Home Prices Putting American Dream On Hold

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DALLAS (CBS11) – Rising home prices are putting the American dream on hold for some.

A new report from the Dallas Federal Reserve says just half of the homes sold in Dallas-Fort Worth during the first quarter would be considered ‘affordable’ for median income families— about $61,600.

“To tell you the truth: I didn’t really think it was going to be that tough,” said Dean Harter, a recent California transplant to North Texas. “I definitely figured I was going to get a little more bang for my buck out here.”

But, three months into his search for a three-bedroom home in East Dallas, he’s getting a real estate reality check.

“Come to the table with my pile of money…and I’ve got a good job. And it’ll be pretty easy …American dream right?!”

Harter’s laughter suggests that his home ownership story isn’t playing out as planned.

“We found a great house,” said his realtor Jill Carpenter. “We knew there’d be multiple offers. Ended up with 17 offers. We came in almost 10 percent over. Still didn’t get the house.”

So CBS11 asked Carpenter, a Dallas native and veteran agent with Coldwell Banker, just what $300,000 would buy in a close-in Dallas neighborhood. Her answer?  “Not much.”

“If you’re talking about Northwest Highway to downtown? Not much… a minimum of $400,000 but really a half a million to get something nice,” said Carpenter.

Carpenter said many first time home buyers are being forced farther out— and are waiting longer to tap into that American dream.

“I went to college, I did everything I was supposed to do… and I still have to wait,” said Harter. “You do all the steps and then you get it (a house). But, reality’s a little bit different.”

(©2016 CBS Local Media, a division of CBS Radio Inc. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.)

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