You Need to Make $49k to Afford the Median Dallas House, Mortgage Researchers Say
Compared with many of the United States' other large metro areas, the median home in DFW remains (relatively) cheap, according to new research from HSH, a mortgage information firm.
The median Dallas-area home -- which costs $189,600 says HSH -- is affordable for households making $48,786.53 or more, the 12th lowest number among the country's 27 biggest metros. Despite DFW being the fourth largest metropolitan area in the country, that $48,786.53 is just slightly more than the national average of $48,603.82.
HSH's numbers do have to be taken with several medium-sized grains of salt. They're based on the assumption that people are putting 20 percent down on their homes and that those same people are only paying 28 percent of their income for housing. Those things being said, the data is interesting, especially for relating relative costs across the country.
San Francisco, obviously and by far, requires the biggest average salary ($142,448.33) to make HSH's affordability standard. Pittsburgh requires the lowest ($31,716.32). Among Texas metros on the list, San Antonio's housing is slightly more affordable than Dallas' ($45,374.30) while Houston's is slightly more expensive ($49,983.37).
A similar study done by Zillow late last year analyzed the income necessary to afford the median rental unit in Dallas. That figure was actually higher ($56,900). The metro's median rent was $1,423 while the payment on HSH's median Dallas mortgage is only $1,138.35.
HSH's new information represents the reversal of a trend. For three straight quarters, its affordability number for Dallas had ticked up. The most recent numbers show a 2 percent drop.