Wednesday, February 25, 2015

D-FW has one of the country's lowest homeownership rates

Dallas-Fort Worth is on its way to becoming a city of renters. 
The D-FW area is among the major U.S. cities with the lowest percentage of homeowners, according to a new report by the Department of Commerce’s Census Bureau.
Only 56.3 percent of D-FW residents were homeowners in the fourth quarter of 2014. That compares with a nationwide homeownership rate of 64 percent.
D-FW’s homeownership rate has fallen sharply since a peak of 65.2 percent in mid-2010, according to the Census Bureau.
The D-FW area ranked as the eighth-lowest homeownership market among the 75 major metro areas included in the census survey.
Los Angeles had the lowest homeownership at 47.6 percent.
And Richmond, Va., had the highest ratio of homeowners — 75.5 percent.
D-FW also had the lowest homeownership of the Texas cities included in the census report.
The highest homeownership rate was in San Antonio — 71.3 percent.
North Texas has the fastest-growing apartment market in the country with about 30,000 rental units under construction.
The D-FW area also has one of the fastest-growing populations, fueled by thousands of people moving to the area each year. Many of those new residents choose to be renters.
The supply of houses for sale in the area is at a more than 10-year low.
Steve Brown, The Dallas Morning News