While residential prices have shot higher in North Texas in recent years, Dallas-Fort Worth homes are still more affordable than the U.S. average, according to a new report by Realtor.com. The Internet real estate marketing operation compared median home prices and annual income levels in more than a dozen major U.S. markets. In the D-FW area, it takes just under 26 percent of median income to afford a mid-priced house, Realtor.com found. That compares with a 27.6 percent income to home cost ratio in all the major markets included in the study. The least affordable markets were San Francisco, where buying a home requires 72 percent of median income, and San Diego at 57 percent. The most affordable home markets were in Detroit, 13.24 percent, and St. Louis, 18.09 percent. “Over the last 10 years, we have seen marketplace gyrations ranging from bubble to burst to recovery to stabilization, and we are now seeing a market of extremes on the affordability front,” Jonathan Smoke, chief economist for Realtor.com, said in the report.
- Dallas Morning News, March 24, 2015