FORT WORTH (CBSDFW.COM) — The housing pinch in North Texas has caught the attention of the country, including New York-based RealtyHop, a real estate tech firm.
A recent RealtyHop report showed DFW ranked number 17 in the U.S. for least affordable cities.READ MORE: About 250 Pounds Of Marijuana Seized At Texas-Mexico Border
Shane Lee, a data scientist with RealtyHop explained what that means.
“That means Dallas households will have trouble finding a home to buy … we are looking at Dallas being one of the least affordable cities in Texas now.”
Lee added, “An average Dallas household will have to spend over 46% of their annual income on home ownership. This includes $2,000 in mortgage and that doesn’t include the down payment.”READ MORE: Child Tax Credit: Monday Is Deadline To Opt Out Of Advance Monthly Payments
With nearly half of household incomes being used to pay for their mortgages in DFW, and an increased demand coupled with low supply of homes, Lee suggests for homeownership might be fleeting for those looking to buy.
She said, “Housing costs are on the rise and if wages don’t go up at the same time it will be harder for families to afford.”
Experts suggest hopeful buyers who can wait the trend out do so.
If not Lee says consider moving away from city cores, and look at neighboring suburbs where prices tend to be lower.MORE NEWS: Police Searching For Pickup Driver Who Ran Down Group On Dallas Street, Leaving 1 Dead
Lee’s said, “Suburban areas tend to have you know lower housing costs and you have more inventory there. So definitely look around and don’t feel like you have to stay in one city. I think the pandemic has taught us that it is okay to be flexible.”