Dallas is in an interesting place in the housing market. According to the Dallas Real Estate Association, Texas is one of the three states responsible for half of the nation’s population growth (California and Florida are the other two). One would assume that their rate of homeownership would reflect their growing population, but it does not. The homeownership rate in Dallas is at an astonishingly low 45th among the 50 states. Though there may be many factors that contribute to this figure, the Dallas Real Estate Association believes that high property taxes are a main cause.
Quick Dallas Housing Facts
Percent of Homeowners in Dallas: 63.8%
Percent of Renters in Dallas: 36.2%
Median Dallas Household Income: $19,617
Average Dallas Credit Score: 651
Best Cities to Live in Texas: Colleyville, Boerne
Median Dallas Home Value: $82,500
How Much Real Estate Can I Afford in Dallas?
The first step in entering the housing market is to find out where you stand financially. There are a couple of ways in which we can help you with this first step. Check out our mortgage calculators. We have a variety of calculators that can help you get a better idea of what kind of mortgages you will be offered. Once you are done number crunching, consider the following questions:
- How much am I willing to spend on my monthly mortgage payment? Be sure to consider how much you can afford as well as how much you are willing to spend. If you budget realistically, you will be more likely to avoid an undesirable financial situation in the future.
- What kind of payment plan will work well for me? Check out the 30 Year Fixed Rate Mortgage first; it works well for many Americans.
- What are the property tax rates in Dallas?
- What are the average interest rates in Dallas?
Refinancing in Dallas
Refinancing is a great way to lower your monthly mortgage payments. If market interest rates have dropped 2% below the rate you are paying, it is time to refinance. If your credit score has improved enough to qualify you for a better interest rate, it is time to refinance. If you want to switch from a Fixed Rate Mortgage to an Adjustable Rate Mortgage, or vice versa, it is time to refinance. If you want to use your homeownership status to take out a bit of money and want to take advantage of low interest rates, it is time for a Cash Out Refinance. If you are unhappy with your mortgage payments for any reasonable reason, talk to your broker. It may be time to refinance.
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