With high interest rates and home prices making daily headlines, housing may seem out of reach for many potential homebuyers in Texas' current real estate market. But that's not the case in Dallas.New research reveals dallas is the 15th most housing-rich metropolis in the United States.
To define the term “house rich,” housing service provider All Star Home examined U.S. Census Bureau data on median homeownership values and median household incomes in America's 25 most populous cities. A home value-to-income ratio was established for each city based on census data, and rankings were determined based on whether a city had a low home value-to-income ratio and a high homeownership rate.
The study found that 41.40% of all homes in Dallas are owner-occupied. According to census data, the median home value in the city is $275,400, and the median household income is estimated at $65,400 per year.
Using these financial factors, All Star Home determined that Dallas has a home value-to-income ratio of 3.95.
Neighboring Fort Worth has a homeownership rate of 44.80%, surpassing Dallas, which ranks fourth in the nation, and the city's median home price is $212,300.
Elsewhere in Texas, El Paso ranked first in the report, with the highest homeownership rate (59.80 percent) and home value-to-income ratio of 2.68, outperforming all other major U.S. cities. . San Antonio (5th) and Houston (12th) also appeared in the report.
Here are the top 10 major cities with the most housing in the United States.
- 1st Place – El Paso, Texas
- 2nd Place – Oklahoma City, Oklahoma
- 3rd Place – Indianapolis, Indiana
- 4th Place – Fort Worth, Texas
- 5th place – San Antonio, Texas
- 6th place – Jacksonville, Florida
- 7th Place – Columbus, Ohio
- 8th Place – Philadelphia, Pennsylvania
- 9th place – Charlotte, North Carolina
- 10th place – Phoenix, Arizona
All-Star Home also analyzed the most housing-rich states in America, but Texas came in last in the study's most housing-poor states category, ranking 21st.
The complete report is available at allstarhome.com.
