Friday, March 04, 2016

Steve Brown: What’s behind the homeownership dip in a booming D-FW market?

More people own houses than ever before in North Texas.
So why has there been a marked decline in the rate of homeownership?
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 homeownership rate in the D-FW area has dropped by almost 10 percentage points. About 56 percent of local residents own the roof over their heads, compared with about 64 percent nationwide.
North Texas has one of the lowest percentages of homeowners among major U.S. cities.
With new home prices in the area topping $300,000 and a $200,000 median price for preowned properties, it costs a lot of money to buy a slice of the American dream in D-FW.
Home costs in North Texas are at a record high — up 10 percent in January from early 2015.
By Steve Brown of Dallas Morning News