Dallas newcomers have bigger housing budgets than locals
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The average newbie moving to Dallas has a home buying budget about 22% higher than locals.
Why it matters: The Dallas-Fort Worth area led the nation in population growth in 2021 and that has left many local house hunters competing with newcomers with more money, according to a new Redfin analysis.
State of play: Redfin says most people are coming from just the places you'd expect: New York City and Los Angeles.
- And Dallas is second only to Denver in attracting Chicagoans.
By the numbers: Philadelphia saw the largest gap between migrants and locals, with newcomers having nearly 40% more in their housing budget than long-time residents. Dallas ranked fourth.
- Out-of-towners have an average maximum budget of about $815,000 for a house in Dallas compared to the average local's maximum budget of $667,000.
- The median home price in June for the metro area was $457,000.
What they're saying: New Dallas-Fort Worth residents from more expensive cities can afford to live closer to city centers.
- "The market looks different for locals, many of whom are priced out or driven to search in the suburbs because both home prices and mortgage payments have risen significantly in the last year," Redfin deputy chief economist Taylor Marr wrote in the analysis.
For the record: Immediately driving up the cost of living is not the best way to make friends with your new neighbors.