Is it More Affordable to Buy or Rent in North Texas? RealtyTrac Data Will Surprise You
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Downtown Dallas has a growing stable of apartment conversions, but can you really afford them?
The Dallas-Fort Worth-Arlington MSA ranked among the most affordable metro areas for Millennial renters according to recent analysis from RealtyTrac. That’s fabulous right? But the second you look at the numbers, you’re going to set off a tremor with your violent eye-rolling. Where does a three-bedroom apartment rent for $1,317 in Dallas? For real, y’all.
According to their calculations, rent only takes up 26.7 percent of average wages in the Dallas-Fort Worth-Arlington MSA, which is why RealtyTrac is considering our region “affordable.” Other likewise “affordable” places for Millennial renters include the Atlanta MSA, Durham-Chapel Hill, N.C., and good ol’ Harris County.
It’s the city-by-city data I find most interesting, though, as RealtyTrac says it’s more affordable to rent rather than buy in Dallas, Denton, Tarrant, and Collin counties.
Jump to see the interactive infographics for the full details and tell us what you think of the numbers.
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As a Realtor, I also don’t know where one could find a $ 1317/month 3 bedroom apartment in Dallas?
Maybe out in a less desirable suburb ? $ 1300 is about the going price for a 1 bedroom in Dallas proper.
I tell friends and clients alike to take these data aggregators like RealtyTrac, Zillow-Trulia, RedFin,
etc. with a grain of salt. They are notoriously inaccurate, often times working with faulty assumptions or algorithms. There simply is no substitute for working with an experienced local Realtor who can accurately assess the market in real time.
The bigger problem for many millennials is student debt. The price of college tuition at both public and private university has vastly exceeded the rate of inflation and of housing both.
Merry Christmas and Happy Holidays !
Thank you Jay — totally true. Millennials are buying homes just later. Happy holidays to you, too!