Dallas Fort Worth Real Estate Housing
Munger Place Historic District Neighborhood
DFW Real Estate: More for your money, neighborhood appeal
The Dallas/Fort Worth area – like much of Texas – has consistently garnered accolades as an affordable place to live. While other parts of the country experienced the dizzying highs and devastating lows at the height of the housing crisis – and most of the fallout from the subprime mortgage mess – Texas stayed relatively stable, even during the worst of it, and that continues to be good news now.
The DFW area has proven itself as an affordable place to buy a home and put down roots. Home prices in the DFW region have stayed relatively stable during the recent economic recession – and a combination of affordability and a diverse economic base that has kept unemployment figures well below national levels has helped sustain the market’s strength.
Development of tollways and other major thoroughfares also means that it’s easy to travel between smaller cities and major job centers. This makes it ideal for relocating employees and families, opening up a wide variety of communities and neighborhoods to fit their lifestyles and price points with diverse housing options for individuals and families of all sizes. In fact, the DFW Metroplex recently ranked ninth on MSN Real Estate’s Most-Livable Bargain Markets List for 2011. The rankings include such factors as low unemployment, short commute times, and access to entertainment and recreational opportunities. And, in 2010, Bloomberg Business Week ranked Dallas third and Fort Worth tenth in its annual Best Cities for New College Grads listings, citing a low cost of living (including housing) and high employment rate, among other factors.
Part of the reason for the accolades is that housing prices have remained historically low here, as well as overall interest rates on the national level. That combination makes the DFW area a highly appealing place to buy a home. According to the most recent information from the Real Estate Center at Texas A&M University, which issues regular reports and research about the Texas housing market, the median home price in the Dallas area was $199,600 as of August 2013 — up 14% year over last year.
The cost of living in the DFW area also makes it easier to buy affordable housing. According to recent numbers from the ACCRA Cost of Living Index, which rates cities on such factors as the cost of groceries, housing, utilities, transportation, health care, and goods and services, the cost of living in the Dallas area is about 6 percent lower than the U.S. average. Put another way, an annual salary of $50,000 in DFW is equivalent to $116,045 in New York, $83,618 in San Francisco, $59,298 in Chicago, and $67,984 in Los Angeles.
There is also positive job growth to support both housing purchases and overall cost of living – good news for families relocating to the area. As of January 2013, according to the Bureau of Labor Statistics (BLS), nonfarm employment had gone up 111,800 over the year, a 3.7 percent increase compared to 1.5 nationwide. A thriving real estate market, quality of life, affordable cost of living, diverse people and communities, positive job growth, top companies, culture, and tons of things to do and see – what more could families want from a new city? All this and much more make the DFW metroplex a great choice for those relocating here.
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