Purchasing a home is one of the most significant financial decisions most Americans will ever make, so how do North Texans fare when buying a house in the metroplex?
Dallas-Fort Worth’s real estate market has witnessed a solid start to the year. In January, the metroplex had the second-highest jump in home sales in the country, as previously reported by The Dallas Express. Home sales in DFW climbed 14.2%, with 5,208 sold in January 2024 compared to 4,560 in January 2023.
The high cost of living in DFW and elevated interest rates make becoming a homeowner challenging. Dallas ranks 36 out of the 100 most-populated U.S. cities in terms of the average number of years needed to save for a down payment, showing that Dallasites, on average, will take 6.33 years to save for a 20% down payment, according to a study conducted by RealtyHop.
With a median household income of $63,985, this assumes Dallas residents can save $12,797 annually toward a new home. These figures were based on a median home asking price of $405,000, requiring a savings of $81,000.
Notably, cities near the top of the list required substantially longer savings periods to reach the needed down payment. For example, the study showed that it takes buyers 10.96 years to save for the 20% down payment in New York, 11.21 years in Miami, and over a decade and a half in Los Angeles.
The range varies within North Texas. For example, it takes roughly 25% less time to save for a home in Garland than in Dallas.
- Irving: 5.01 years
- Plano: 4.97 years
- Fort Worth: 4.74 years
- Arlington: 4.67 years
- Garland: 4.65 years
The metroplex is expected to be one of the country’s strongest housing markets this year. As reported by The Dallas Express, real estate firm Hillwood Communities recently closed on a deal for a plot of land that will see the construction of around 4,000 new homes in North Texas.
