high school

From staff reports

The good news? A person with a high school diploma could (in theory) afford to buy a home in North Texas. The bad news? It will probably take seven years (at least) to save the down payment.

A new Zillow research report matched median mortgage payments in the country’s 50 largest metro areas for the first quarter of this year to the most recent American Community Survey incomes for each educational level, adjusting the latter’s 2017 figures for 2019’s inflation.

Somewhat surprisingly, 36 of those 50 fleshed out to be theoretically affordable to households earning the income associated with a high school diploma-level of education. Dallas, Houston, San Antonio, and Austin were among the 36 cities named.

In fact, in Oklahoma City, a potential homebuyer wouldn’t even need a high school diploma to afford the median-valued home. (more…)

Five of the top 25 cities for home value appreciation are in Texas, but where does Dallas fall? Where does the state fall when it comes to affordability? And how many Texans (and Dallasites) can afford the median home price?
We have all this in this week’s roundup of real estate news.

Texas Leads Pack in Home Value Appreciation — Where Is Dallas?

An analysis by Forbes revealed that of the top 25 cities in the country where home values are still rising, five are in Texas. (more…)

Dallas-Fort Worth

Illustration courtesy Flickr

Dallas-Fort Worth is at the top of a list ranking the best cities for science, technology, engineering, and math jobs, the new home market is percolating in DFW, and we find out where North Texas falls in a look at underwater mortgages and home equity, all in this week’s roundup of real estate news.

Dallas-Fort Worth Tops List of Best Cities for STEM Jobs

Dallas-Fort Worth took the top spot nationally in a ranking of best cities for STEM jobs, AEI Housing Center announced last week. (more…)

By Phil Crone
Executive Officer
Dallas Builders Association

In the midst of a nationwide, 10-year low in affordability, the housing industry is bracing for additional tariffs. From tile to countertops, laminates, lighting, and furnishing, about 450 products commonly found in new homes and remodeling projects are seeing tariffs rise from 10 percent to 25 percent due to the escalating trade war between the United States and China.

According to the National Association of Home Builders (NAHB), homeowners and homebuilders nationwide will be paying an additional $2.5 billion. Existing tariffs on Chinese imports and Chinese retaliatory tariffs already reduce U.S. Gross Domestic Product by 0.15 of a point. These additional tariffs will lower GDP by another half a point. While painful, they should not, in and of themselves, induce a recession.

(more…)

ALICE

More than 40 percent of Texans are one even minor catastrophe away from being unable to afford even the most basic needs, the United Way’s report on asset limited, income constrained, employed (or, ALICE) households revealed last week.

The most recent ALICE report looks at how many in each state and county lived below its threshold in 2016.

“The ALICE Threshold is the bare-minimum economic survival level that is based on the local cost of living in each area,” the United Way said. The average person that falls under that threshold earns above the Federal Poverty Level, but not enough to afford even the most bare-bones of budgets that account for housing, child care, food, transportation, health care, and necessary technology.

Statewide, about 42.1 percent have a hard time making ends meet, the report revealed, which is a much larger number than the state’s 14 percent poverty rate. (more…)

From Staff Reports

With lumber tariffs already adding more than $6,000 to the price of every new home in Dallas, President Trump’s decision this month to escalate the trade conflict with China has builders bracing for more challenges to housing affordability. This decision could wind up imposing a $2.5 billion tax increase on residential construction, according to the National Association of Home Builders.

Trump announced he is moving immediately to impose 10 percent tariffs on an additional $200 billion worth of Chinese imports, including $10 billion of goods used by the home building industry. This 10 percent levy represents a $1 billion tax increase on residential construction. Making matters even worse, the tax hike will rise to $2.5 billion on Jan. 1 when the president said the tariff rate will jump to 25 percent if the two nations have not resolved their differences by year end. If China retaliates, Trump has vowed to place tariffs on an additional $267 billion worth of imports. The NAHB has strongly opposed this move.

(more…)

Dallas does everything big — including commutes.

According to a new Apartment List study, examining commuter data from 2005 and 2016, one in 45 commuters in the Dallas metro are “super commuters,” traveling 90 or more minutes to work each day, and the prevalence of super commuting is on the rise. The share of Dallas commuters who are making super commutes increased from 1.8 percent in 2005 to 2.2 percent in 2016, a 22.3 percent increase.

(more…)

While overall homeownership rates are shrinking, the decrease is far more pronounced for some minorities, especially black Americans. That’s the takeaway from a recent report from ApartmentList.

This racial divide underscores the increasing inequality that plagues the United States. By building equity, homeowners accumulate wealth, leading to the striking fact that the net worth of the average homeowner is 36 times more than that of the average renter. This makes it all the more troubling that minorities are less likely to own homes, particularly as their share of the population grows. The share of white households in the U.S. is currently 61.8 percent, down from 80.5 percent in 1980, and the Census Bureau projects that more than half of the American population will belong to a minority group by 2044.

In Dallas, one of the most diverse metropolitan areas in Dallas, the homeownership gap for minorities has decreased by 1.8 percent, but black Americans are still worse off than fellow ethnic minorities.

(more…)