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.
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.
