EDIT 8/10: Income increases 0.3% every year, not 3%, as previously stated.
Dallas isn’t called the Big D for nothing, our city happens to have some of the largest median square-footage for houses.
Our city ranks sixth in the country, according to research by real estate company Clever. The median price for single family homes in Dallas is ranks 10th nationally in the study’s top 10 most affordable cities for single family homes.
It’s a little higher in price than the national median, which comes out to $169 per square foot and $397,100 for 2,356 sq. ft. In Dallas, that price is $186 per square foot and $399,950 for 2,145 sq. ft.
The cities that ranked above us in first through fifth place included Memphis, Salt Lake City, Raleigh, Denver and Houston. Salt Lake City and Memphis were the only two that surpassed the national median.
Inflation is one of the factors contributing to the why prices have increased so much since 1981. Daneetha Doe, the economist for Clever, points out how price per square foot has passed income growth.
“For Dallas, the increase has been 40.5% in price per square footage, which has greatly outpaced inflation and income. Income generally increases 0.3% each year.”
This increase happened over a five-year period between 2016 through 2021.
“When it comes to affordability that that is a consideration for families for two reasons,” Doe says. “One, in order to be approved for a loan. The second reason is, even if you are approved for a mortgage, folks still want to ensure that they’ll be able to still in enjoy life.”