There’s been a lot of talk lately about affordable and low-income housing in Dallas, and we are happy to share that’s it’s still a possible dream to own a new home in Dallas County for under $100,000. You just have to be open to a housing resource that has been around for years, but is having a resurgence as a viable form of affordable homeownership. As a Lifestylist®, I’ve been visiting some of these communities to do some mythbusting about how the “American Dream” can still be affordable.
Anyone who has looked at apartments lately knows how expensive renting has become in Dallas , and if you want to live anywhere near our urban areas, it’s going to cost you. Builder Magazine shared a study today that finds there is a massive shortage of affordable housing, and Texas is ranked as having one of the largest shortages. I hate that they always lump low-income and affordable housing together — what if you just don’t want to spend all of your money on a home but have a reasonable income or savings like many of our seniors and retirees have?
Land lease communities are offering a new option to consumers looking for affordable housing, and these cost savings are made possible by letting you own your home, but leasing the land.
These communities have everything from just the basic amenities to some that offer resort-style living with pools, lakes, dog parks, clubhouses, fitness centers, and even after-school activities for the kids. The communities offer factory-built housing that is constructed to the federal building code overseen by the U.S. Department of Housing and Urban Development (HUD). And what will really surprise you is how beautiful and well constructed these homes are.
YES! Communities have over 30 communities in the Dallas-Fort Worth area, many in highly sought after school districts such as Plano and Coppell. Their Golden Triangle community is right across from the elementary school, and has a community pool and playground – it’s hard to believe you can still own or rent a home in this location and have it considered affordable.
Until this week I had no idea that Wilmer was not only in Dallas County, but amazingly close to downtown Dallas. We went to the grand reopening of The Crossings — a community that is owned by Four Leaf Properties. They purchased the community in 2015 and are in the process of adding 150 home sites and offering brand new homes starting at $67,000, where you own your home but lease the land.
When we asked Matt Nelson, Managing Partner at Four Leaf Communities why someone would choose this type of ownership he shared:
“At The Crossings, we are targeting families and others who would benefit from homeownership and have a desire for options beyond renting. Housing is scarce in the Dallas Metroplex, and many are paying high rent in a low-quality home or apartment building that offers no benefit. Our communities, and the homes within them, offer a totally different option that can be a game-changer for many. Our residents can own their own home for less than renting in a safe, tight-knit community with amenities and perks. Amenities include community events, an outdoor pool and even a summer lunch and activity program that is offered at no charge to our residents.”
With rents in the Dallas area for a three-bedroom apartment are averaging $1,500 a month, living in a land lease community gives you the chance to own your own home and paint the walls any color you want, have a yard, garden, and maybe a four-legged friend while you can build equity and work towards your future. It sounds like the American Dream to us.