More jobs are being created in Dallas, but home-ownership rates are falling, reports HousingWire staffer Cynthia Barraza, citing The Dallas Morning News.
Changing demographics and the area’s dramatic employment gains are playing into the shift toward renting in Dallas-Fort Worth. High home prices also get some of the blame.
During the last six years, the home-ownership rate in the D-FW area has dropped by almost 10 percentage points. About 56% of local residents own the roof over their heads, compared with about 64% nationwide.
Home prices in North Texas have increased 10% since last January, while growth nationwide is 6.9% annually. Texas home buyers had a median household income of more than $86,000, according to the Texas Association of Realtors, which explains why only 30% of homes sales last year went to first-time buyers. It also explains the lack of Millennials buying. Although Zillow reports that close to 72% of 18-34 year olds would love to own a home, the median age for Texas buyers was 45 last year.