Housing in Dallas-Fort Worth, Austin, San Antonio and Houston has become increasingly unaffordable relative to residents' incomes over the past decade, rivaling the costs of metropolitan areas such as New York and Chicago, the Dallas Morning News reported, citing the National Association of Realtors and the U.S. UU. Through live events, research reports, and interactive data projects, we've delved into the most important issues facing communities across Texas. Texas builds a lot of single-family homes and larger apartment complexes, but not so much in between, even as housing permits during the pandemic era reached levels not seen since the 1980s.
In several major Texas cities, much of the land set aside for residential construction can only be used for single-family homes. Texas lawmakers considered relaxing city zoning restrictions earlier this year, although those efforts quietly failed at the tumultuous end of the regular session of the Texas Legislature in May. Dallas is the least affordable city for housing in North Texas and the second least affordable city in the state, according to a new study from RealtyHop. After that fall, Texas home prices have kept pace with the country, as demand has outstripped the supply of housing.
Austin, the only city in Texas ranked less affordable than Dallas, is the 19th least affordable housing market in the country. Texas home prices and rents reached record levels in recent years, as the state's economy grew, millions of people moved here, and millennials entered the homebuying market in full force. Migration to the state has slowed down, but it continues because Texas metropolitan areas remain affordable compared to high-cost coastal cities. We analyzed housing data in hundreds of Texas zip codes to create a search tool so that readers can see how affordable their neighborhood is.
Home prices in Texas' largest metropolitan areas have increased so much in recent years that most families living there don't have access to a typical home for sale, according to figures from the National Association of Builders. of housing. Relocating workers and young residents must find a place to live; these potential buyers may still be less sensitive to higher home prices, interest rates and property tax obligations in Texas. Texas home prices have risen steadily, as a result of increased demand for housing and the scarcity of supply related to the pandemic.
