Home News You need to make $87,000 a year to buy a typical house in Dallas-Fort Worth

You need to make $87,000 a year to buy a typical house in Dallas-Fort Worth

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While some areas like Dallas/Fort Worth continue to see double-digit price increases, fast-rising mortgage rates are making affordable housing affordable across the United States. I can no longer.

Buyers looking to finance a typical D-FW home with a 20% down payment needed about $87,000 in income to qualify last quarter. new report From the National Association of Realtors. D-FW Median Household Income $75,975.

The median price for single-family homes in North Texas was $390,100 last quarter, up 13% from a year ago, according to the NAR.

Nationwide, the median income required to qualify for a $398,500 home with a 20% down payment in the US rose to about $88,000.

Monthly mortgage payments for a typical US single-family home with a 20% down payment were $1,840 last quarter, up 50% year over year.

The NAR considers a mortgage unaffordable if the principal and interest payments exceed 25% of the family’s income. First-time buyers spent about 38% of their income on mortgage payments in the third quarter.

Single-family home sales prices rose year-on-year in nearly every metropolitan area tracked by the NAR, with the national median rising 8.6% to $398,500. But only 46% of his markets saw double-digit price gains like D-FW, up from 80% in Q2.

“Home price growth is slowing home price growth, and this trend will continue until mortgage rates stop rising,” said NAR chief economist Lawrence Yun.

The West Coast market remains the most expensive, with median home prices in San Jose at nearly $1.7 million.

“The more expensive markets on the West Coast are likely to experience price declines following this rapid price increase, a result of years of limited housing construction,” Yoon said. “The Midwest, where home prices are relatively affordable, will likely continue to see price increases as both incomes and rents rise.”

Among Texas’ four major metropolitan areas, San Antonio’s home prices are $342,700, up 13.9% year-over-year.

with still tight supply Due to continued population growth, the region’s housing market is not declining as quickly as other parts of the country.

Still, D-FW home sales Saw a decrease of more than the first 20% According to Texas A&M University’s Texas Real Estate Research Center and the North Texas Real Estate Information System, since the COVID-19 pandemic began in October.

Read more stories about D-FW Real Estate

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