The nation’s housing crisis could be a key issue in the 2020 Democratic primaries, big-city rental rates are slightly below the national average, a mixed-use project is underway in Allen, and 55places identifies which markets are luring home buyers for keeps, all in this week’s roundup of real estate news.
Experts: Renters Could Play Key Role In 2020 Democratic Primaries
A study conducted by Apartment List concluded that political engagement among renters is growing as housing becomes a more high-profile issue.
The study also found that:
- Renters vote for Democrats at a rate of more than 2:1. But even among Democrats, renters have more progressive views on the economy than homeowners. For example, 70 percent of Democratic renters favor increased spending on aid to the poor, compared to 57 percent of homeowners.
- Renters are likely to favor progressive candidates in the Democratic primaries. In the 2016 primaries, 46 percent of renters voted for Bernie Sanders, compared to just 34 percent of homeowners.
- Thirty-nine percent of renters identify as independents, significantly higher than the independent share among homeowners. Independent renters tend to hold progressive views around economic equity that would seem to align them with Democrats.
Source; Apartment List
Rental Rates In Large Texas Cities Decreased Slightly Month To Month
While the average rent in Dallas has climbed slightly month to month and year to year, most large Texas cities report a decline, according to the January Texas Rent Report compiled by RENTCafe.
Communications Specialist Daniel Coste pointed out the following findings from 56 Texas cities:
- Rents in Austin saw the largest yearly increase among the big Texas cities, reaching $1,431 – that’s $65 pricier than one year prior.
- The average rent in Dallas hit $1,245, after annual growth of 3.8 percent, or $46.
- Prices in Fort Worth jumped $44 since last year, hitting an average rate of $1,135 in January.
- Out of all the big cities in the state, Houston saw the slowest yearly increase – $16. Rents here clocked in at $1,110.
- The average rate in San Antonio reached $1,040, about $25 more than last year.
- Flower Mound apartments are the state’s most expensive for renters, pushing the price up to an average of $1,617.
Mixed-use Project Moves Forward In Allen
The Allen City Council last month approved an 80-acre development to include apartments, retail, restaurants, single-family homes, hotels, and offices.
The development, deemed The Avenue, is at the southwest corner of Texas 121 and Alma Road.
Previously known as Allen Sports Village, the new construction will include 1 million square feet of office space, 65 single-family homes, 1,6000 urban residential units, three hotels, and 275,000 square feet of retail and restaurant space
“Many of the shops and dining venues will be built in old shipping containers,” according to reports. “A food hall and a central outdoor plaza with water features will be included.”
Study Identifies Markets That Lure Home Buyers Who Stay For Good
We know that people are moving cross country to DFW because of technology jobs, no state income tax, and an affordable housing market – but where do people actually stay?
The blog 55places studied just that and found that no place in Texas made the top 10.
“55places recently analyzed more than 300 cities and identified which real estate markets are dominated by the least tenured homeowners — residents who have owned their house for less than 10 years,” outreach manager Tricia Harte said in a press release. “Conversely, the study also identified where in the US homeowners are staying put the longest.”
The top cities where homeowners have lived for more than 30 years include Detroit, Daly CIty, Calif., Cleveland, Berkeley, Calif., Honolulu, Pittsburgh, Buffalo, N.Y., Miami Gardens, Fla., Birmingham, and Inglewood, Calif.