While the gap continues to widen for housing affordability, Dallas homeowners are spending a median of 38.65% of income on their homes, according to the RealtyHop Housing Affordability Index.
RealtyHop obtained the information by analyzing proprietary and ACS Census data to create an index of housing affordability and showcase the burdens of homeownership across the country. For February, the 100 most populated cities in the U.S. were analyzed to determine the least and most affordable housing markets. Median home prices are calculated using over 300,000 listings in the RealtyHop database over the month before publication, according to RealtyHop’s report.
While the housing market remains hot in most places, Dallas ranked 22nd with a median household income of $58,098. According to a previous Business Journals report, people looking to move to Dallas were willing to pay a maximum average budget of $701,760, while local Dallas folks were paying $634,465. Irving ranked 44th, homeowners spend 33.2% of their income on their homes.
Read the full story at Dallas Business Journal.