Dallas TX is the most affordable place to live

Why Dallas is the most affordable place to live in the U.S.

Dallas' home prices are the primary reason why the city was ranked the most affordable place to live in the United States.

Candace Carlisle

Staff Writer- Dallas Business Journal

Dallas is the most-affordable major metropolitan area to live in the United States.

The ranking is based on median household income and the median home prices. Dallas' median household income is $47,418 with the median home price of $249,950, which gives it a home price to median income ratio of 5.27. That ratio of home price to income is the lowest in the country, said Lanny Baker, president and CEO of one of the nation’s largest realty firms.

"My sense is that the economy in Dallas is healthier today than it's been for a while," Baker said, attributing his opinion to North Texas' stable income levels. "That hasn't yet translated into higher housing values."

The favorable ratio of income to housing prices could bring in folks from other parts of the country, where housing prices are higher than Dallas. The median home price throughout the country is $299,500, which is about $50,000 more than Dallas' median home price.

"Dallas isn't inflating as fast as other areas of the country," Baker said, adding that San Francisco, Sacramento and Las Vegas are seeing significantly higher home prices year-over-year through the first quarter of 2013.

Houston has the second-most-affordable housing market, followed by Minneapolis, with a 5.43 and a 5.5 index, respectively, Baker said.

Some of the most expensive places to live in the country based off the index include Washington, D.C., Brooklyn and the San Francisco area.

Built-ins...do or don't

Step 9 to making Buyers bite:

9. Built-In Bonus

Interior Designer Linda Applewhite observes that many buyers view built-ins as "free furniture." Well-crafted bookshelves, china cabinets and entertainment units can "make a home stand out as quality," adds designer Sue Adams.

On the other hand, says designer Simon Temprell, "It can be a catch-22 because some people would rather organize their own furniture. Sometimes it's better to have freestanding pieces that look like built-ins, that you can give the buyer the option to purchase."

Lighting counts when Buyers are looking

10 Steps to Making Buyers Bite
Step 8 - Light Up

"Floor lamps just don't cut it these days," says real estate agent Rhonda Kohn. If your home doesn't get a lot of natural light, consider installing recessed lighting or new sconces, or both, so the buyer won't struggle to figure out how to brighten up the space.

"Lighting is probably the most overlooked, yet the most important aspect of interior decoration," designer Simon Temprell says, adding, "In newer construction, you don't have sufficient lighting. The reality is that everyone needs three types - task, ambient and decorative lighting - which allow you to change the mood of the room."

When it comes to recessed lighting, know that the smaller the fixture, the more updated it is. "We used to have six-inch apertures, now we have four-inch openings. And using halogen bulbs gives a cleaner, more modern look," says designer Sue Adams.

Pre-Organized Closets

10 Things That Make Buyers Bite
Step 7. Pre-Organized Closets

Just as stainless appliances convince buyers that they are better cooks, closet organizers make buyers believe that they are better homemakers. If your closets are unadorned, don't underestimate the importance of this easy addition.

"They make you feel secure and calm and people need that," notes designer Sue Adams. And while you don't need to use high-end organizers, make sure that the materials are up-to-date. "Twenty years ago, closet organizers meant wire shelves. You can't slide anything over a wire shelf. You can't even put a hanger in some of them," she says. Today's ideal would be "melamine shelves, in bone or white, with some drawers and metal rods to maximize storage," she says.

This organization shouldn't stop in the closet - make sure your kitchen cabinets are orderly, too. "If they open up a door and see a big pantry, but it's not organized properly, it won't be as exciting as something already organized with a place for everything," says real estate agent Theresa Evans.

Stainless-steel appliances

6. Steel This Idea

Why do buyers go bananas for stainless-steel appliances? It's the power of suggestion. "A kitchen with stainless appliances looks like a commercial kitchen. It makes people think that they're great [more] cooks," observes designer Sue Adams, "but because the finish shows fingerprints, it's not for everyone."

As far as other alternatives go, the designers agree that in general, black fixtures can look dated, while white is okay for a country kitchen. And some people are making appliances blend in beautifully by ordering front panels to match their cabinetry.

Slumlords

Slumlords can be the most frustrating thing to deal with and as tenants there is really nothing you can do about it.  You can move out and forfeit your deposit and risk the chance of negative repercussions on your credit and possibly have a hard time with your future rentals or you can stick it out. What do you do...you break the cycle!

A couple of years ago my husband and I got hit hard with the rest of the economy and our credit took a beating. The tenant that was in one of our rental properties suddenly moved out and we could not get tenants back in the house causing it foreclose, we both lost our jobs, we had late payments, and life just was not fun. We carried on and did our best; we paid what we could when we could and not everything was not time. It took some time to get back on our feet and that meant renting for a while. NOT what we wanted.  When you are used to living under your own roof and taking care of things the right way having a slumlord is just not the way to go.

We moved into the last rental property we will ever live in March of this year.  I will say it has made me rethink how I think as a landlord, we still own one rental property. We always thought of ourselves as good landlords, now we think of ourselves as a great landlords...my tenant calls, I answer - something is wrong, someone is there right away. I will not be a slumlord.

When we first moved in we thought "This is a nice home, great layout, pool, hot tub, beautiful deck, great neighborhood."  It didn't take long to see otherwise.  A couple of days after living here and the pool pump went out - 4 weeks later finally fixed, during which the pool/hot tub heater went out - still not fix and never will be. We have a hot cold tub but since the heater is "not a necessity" they won't fix it, this also goes for the sprinkler system and the auto timer on the pool.

It has been one thing after another and even the things they will fix it takes weeks to get fixed.  I am sure that not all rentals are like this - I know mine is not - by why risk it!  Interest rates are crazy low. We did not have an option because we had to get our credit straight, believe me when I say I WILL NEVER RENT AGAIN! This slumlord has taught me a lesson; I have paid more each month than if I would have bought this house plus I had to live with broken items, most of which could have easily been fixed. 

Soo, to the slumlords out there - if you don't have the funds or the want to take care of your properties I would be happy to help you sell them, this is the time to do so.

To the renters out there - do you really want to put up with the slumlords when you can invest in your own home and pay less and not have wait weeks to get your leaking sink fixed.  Pay less money each month and invest in yourself! I am.

Is Granite really necessary?

Step 5 or 10

Countertop Considerations

You've probably heard that granite is the secret to a contemporary kitchen, but that's not necessarily what buyers are after. "It's really about the slab," says designer Linda Applewhite. Buyers don't want to see grout lines on their counters, she explains.

So when it comes to slab countertops, granite is the top pick because it's hard, nonporous and easy to care for. But then again, so is Corian, so are composite stone surfaces such as Silestone and, she notes, with the help of today's sophisticated sealants, so are concrete, limestone, soapstone and marble.

Even butcher-block, which is much less expensive than stone, can be a more appealing alternative to tile or laminate countertops. "When it gets funky, you can sand it and oil it and it looks good again," she says.

Already have granite? Make it cutting edge. "A lot of people are honing their granite now," adds Applewhite. "What that does is knock it down and make it more matte, so it looks warmer and more inviting. Shiny surfaces can look very cold."