Dallas is a city that holds around 1.3 million people and its prosperous economy has drawn a lot of people to the area. The beginning of Dallas’s economic prosperity started with the construction of railroads and later it became the largest cotton market in the world. The discovery of petroleum in the proximity of Dallas has furthered its growth and later big companies in the field of communication and engineering settled in the city.
All these aspects contributed to the demographic increase in Dallas since 1980. And with more than 100,000 jobs added to the metro area, the housing demand increased as well. All things in Dallas happen at a large scale and the housing market in the city of Dallas is also at large. If you want to have a significant advantage when it comes to the real estate market you need to get in touch with one of the realtors in Dallas TX to be one step ahead of the competition.
If the job opportunities in Dallas or in the metro area are something you aim for or maybe you thought about starting your own business, then definitely relocating to Dallas is a necessary step. With all this, you need some basic information about the housing market and home prices in order to know where to go from here. What is the average house price in Dallas Texas and what about the rental market?
The median home prices in Dallas are around $230,000 and with increases of about 4% over the last year. Trends show that the high demand for housing is going to boost the prices even more over the next year. However, the largest share of households has a property value in the range of $500,000 and $750,000. An annual household income of about $59,000 would provide a comfortable living in Dallas. With this annual income, you can get a house valued around the median price on a 30-year mortgage. The monthly payment would come out at around $1,300.
Over the past five years, the rental prices in Dallas have gone up about 16%. The average rent currently stands at around $1,200 and the average apartment size in Dallas is around 846 square feet. The numbers vary based on the neighborhood that you live in and the average wage people earn there and also, it varies based on unit type with cheap and luxury alternatives. The smallest apartments are studio type and the largest ones can feature up to three or four bedrooms.
Most commonly you will find apartments within the $700 to $1,500 price range. Percentage wise, 76% of apartments in Dallas are within the mentioned price range. Also, 42.4% of households in Dallas are occupied by renters while 57.6% of households are occupied by their owners. With the year to year increase in rent prices that Dallas has seen so far, the prediction for this year shows a similar trend.