Buying a Home in Dallas TX

Buying a Home in Dallas TX


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buying a home in Dallas TX

Are you thinking of buying a home in Dallas TX? The Big D is the place to be right now, whether you are a growing family, a young person making inroads in life (single women will especially find it ideal) or a retiree.

Dallas has a certain old school charm that makes it easy to fall in love with. It’s a bit like stepping back into the ‘90s without having to time-travel. Urban farming; craft coffee; urban parks; cycling; rodeo – you’ll find it all.

But make no mistake, there is nothing ancient about the place.

Dallas has a lot going for it and a 2017 report listed it as the fastest growing city in the United States. In that year alone, there were roughly 300,000 Americans from across the country who packed up their bags to head down to this southern draw (no pun intended).

As far as places to live go, you will not be short of options. There are many towns in the DFW metroplex, each with its own quirks.

From Plano to Frisco, Allen to Aubrey, and a long list of charming suburbs, Dallas is not short of appealing places to live that consistently make their way into many Best Places to Live in the US lists.

When it comes down to buying a home in Dallas TX, it is prudent to scratch below the surface and understand what you are really in for.

Home Prices in Dallas

If you are considering buying a home in Dallas TX, the cost of housing is something that is definitely top of your mind.

Without sugarcoating it, let’s just say buying a house in Dallas is going to cost you as the real estate market is at the highest it has been in years.

The rising costs may surprise many buyers and could pressure them into getting into the market before prices shoot even higher.

If you find yourself thinking along these lines, then focusing on the positives regarding the high prices can help.

Here is what we mean.

Buying a home in Dallas TX now means paying more. However, you can get comfort in the fact that values are still on the rise. What this means is your home’s value will be higher later in the year than it is at present, meaning you will have equity.

In addition, interest rates are yet to get exaggerated. This can help offset the cost of the property and make it possible to get a payment you are happy about.

While the picture we paint might make Dallas seem like an expensive place to buy (which it is compared to seven years ago) it is not San Francisco or New York expensive. If you look around hard enough, you will find a nice place (or two) that doesn’t make your pocket go ouch.

For those interested in the hard figures, Zillow places the median home value in Dallas at $186,000. This represents a 14.3% rise over the past year, but that is not to mean the prices have hit a ceiling. The real estate database company projects a growth of 6.8 percent through 2019.

The median price of homes listed in Dallas at the moment is just short of $400,000. Not cheap, obviously.

However, a report from job website Indeed established that compared to the country’s 15 biggest metro areas, the Dallas Fort-Worth metro in general (4th largest in the nation) is still a bang for buck.

The Dallas Job Market

If buying a home in Dallas TX is on your agenda, you need to consider the state of the job market.

Luckily, Dallas is one of the top-ranked areas where residents feel the most fulfilled physically, socially and financially.

Looking at the financial aspect, figures from Indeed place Dallas third on the list of places with the highest salaries in the US.

This is not in the context of the actual income households take home per year. Rather, it is those places where a dollar stretches the furthest.

If you are in search of greener pastures, you will be happy to know that over the last few years, Dallas become home to some of the biggest companies in America.

Corporations like AT&T, American Airlines, Southwest Airlines, ExxonMobil, Fossil, Kronos, and JCPenny have all relocated their headquarters to Dallas, and more are expected to follow.

If you are more interested in setting up a business, instead, Dallas is as business-friendly as they come. It was ranked tenth on the Forbes Best Places for Business and Careers list.

Best Places to Live in Dallas TX

When buying a home in Dallas TX, it is good to know that as in every other place, the word ‘best’ is subjective. What appeals to Ethel and Fred may not work out for George and Miranda.

That in mind, here are the best places to live in Dallas based on different preferences:

  • For Diversity and Revitalization

Consider Oak Cliff.

This is one of those old Dallas neighborhoods with a rich population mix. It is not uncommon to come across a rundown area, but on the next block over, a completely revitalized section.

  • For the Location

If you like being at the center of the action with access to the newest restaurants and businesses, Central Dallas is the place for you.

Its prime location promises great access to food, shopping, recreation and nightlife.

And, uh, donut lovers will love to call this place home.

  • For those with a Big Pocketbook

Few do it better than Park Cities. Nestled a couple of miles north of Central Dallas, this is a gorgeous area if you can swing it.

Just nearby at Lover’s Lane, you will find some of the best dining, shopping and attractions in Dallas.

  • For a Blend of Old and New

West Dallas is the place to be.

Historically, this area has been a favored neighborhood amongst the minorities and working class.

The neighborhoods here are affordable and some old residents are keen to preserve the historical appeal of the area. But modern investments are going up in West Dallas, helping revitalize the neighborhoods.

  • For Outdoor Enthusiasts

East Dallas is a safe bet.

Neighborhoods here are within proximity of the White Rock Lake, one of the few water bodies in Dallas.

Great for outdoor activities that range from picnicking, to swimming, to paddle boarding and kayaking.

Cost of living is affordable.

Conclusion

Dallas is a great city to live in, with real estate that is still considered affordable. There are thousands of corporate headquarters and the weather isn’t too bad either.

If you are thinking of buying a home in Dallas TX, the city has a great mix of neighborhoods to choose from and properties that can fit your needs.

 

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