DALLAS, TX – Median home prices in Dallas County, along with 141 other counties in the U.S., are affordable for average wage earners, according to a new report from ATTOM Data. Over the past year, median home prices in Dallas County grew but home affordability also increased.
The report, which looked at home affordability for the first quarter of 2018, analyzed 446 counties and found that median home prices were not affordable for average wage earners in 304 counties or in 68 percent of the counties.
In Dallas County, the median sales price for a home in the first quarter of 2018 was $210,000, according to ATTOM. Compared to a year ago, the median home price in Dallas County grew 3 percent, according to the report.
According to ATTOM, the annual income needed to buy a median price home in Dallas County is $64,629. An average wage earner could qualify to buy a home in Dallas County, the report said. Based on average weekly wages from the Bureau of Labor Statistics, an average wage earner in Dallas County has an annual income of $66,053.
Dallas County had a home affordability index of 89 and was less affordable for average wage earners than its historic affordability average. But Dallas County’s affordability index increased 13 percent when compared to the previous year.
ATTOM collected data from publicly recorded sales deeds and from the Bureau of Labor Statistics. The affordability index is based on the percentage of average wages needed to make monthly house payments on a median-priced home with a 30-year fixed rate mortgage and a 3-percent down payment, including property taxes, home insurance and mortgage insurance. (Read the full methodology here.)
Image via Shutterstock