Buying a home in Dallas isn’t a bargain anymore. For decades, this region’s low cost of living has attracted families and employers from around the country, helping the economy weather the booms and busts of the oil business. Now that competitive advantage is eroding in a big way. Since 2000, the median price for new and existing homes sold in the Dallas area has soared 77 percent. Over the same time, median incomes are up just 4 percent. As a result, buying a home in Dallas is beyond the reach of many, according to a measure of affordability. In 2010, almost 80 percent of homes sold in Dallas were affordable to families earning the median income. By late 2016, just 50 percent were affordable. Dallas is still much cheaper than Los Angeles, San Francisco and New York. But on housing affordability alone, Dallas is now pricier than Chicago, Atlanta, Phoenix, Denver and most other rival cities.
- Dallas Morning News, April 25, 2017