How to get a mortgage in Dallas, Texas, and how to pay it
A new study by the real estate firm CBRE says that a home sale in Dallas is actually a lot less expensive than the city might think.
The firm analyzed real estate data from the Texas Department of Housing and Community Affairs and found that Dallas is the cheapest city in the United States to buy and sell real estate.
But it’s not for lack of trying.
“Dallas has some of the most stringent mortgage restrictions in the country,” the report states.
“The median home value in Dallas for sale in 2016 was $1.3 million, which is more than $25,000 above the national median home price of $1,400,000,” CBRE said.
“For comparison, the median home prices in Austin, TX, and Houston, TX were $2.4 million, $1 million and $2 million, respectively.”
The average mortgage payment in Dallas was $2,095, while the median monthly payment was $898, according to CBRE.
That’s a big difference in price tag for a home that could be yours in a month.
“You may be surprised by the size of that difference,” the firm wrote.
“According to the most recent Census Bureau estimates, the average annual price of a home in Dallas averaged $3,854, which was roughly $7,400 above the median annual income in the Dallas metropolitan area.”
CBRE added that there are many factors that affect how much you’re paying for a single-family home, but it’s important to remember that it’s your home you’re buying.
“If you’re purchasing a home for a family of four, that home’s value will be $20,000, which will be the most expensive property in Dallas,” CBre wrote.
The study also said that the average home in the metro area is worth more than half of what it was in 2015, so it’s likely that there’s some savings to be had.