Dallas-area interior designer Kim Armstrong married function and joy to bring this Lake Highlands home to life.
The house: At 3,192 square feet, this family home has four bedrooms and four bathrooms.
The bill is coming due for the rising home prices across Dallas-Fort Worth.
Driving the news: The appraisal districts have begun sending the appraised property values for this tax year, and many people are experiencing sticker shock.
Dallasites say they'd welcome tiny homes in backyards, and duplexes and triplexes in their residential neighborhoods to fill the need for affordable housing.
Why it matters: The Dallas-Fort Worth population is booming, and there simply isn't enough housing for everyone.
The average tax on a single-family home in Dallas decreased 12.2% last year. That's despite the homebuying frenzy that drove up housing prices 16%, according to a new report from ATTOM.
The big picture: Total property taxes collected in 2021 rose only 1.6% nationwide — well down from the 5.4% increase from 2019 to 2020, and the second-smallest rise over the past five years, per Jennifer A. Kingson, author of Axios What's Next.
A new program for real estate developers of color in North Texas is designed to bring diversity to the region’s booming real estate market while also creating more affordable housing.
Driving the news: The Equitable Development Initiative, led by Capital Impact Partners, announced this week that Dallas will be the fourth metro area where it trains developers.
The median home sale price in Dallas is $325,500, up 19% year over year, according to the latest from MetroTex.
State of play: We wanted to see what you can buy for less than that price tag, so here are three options around $300,000 in three different neighborhoods:
Homes in North Texas earned more than median-income workers last year.
Driving the news: Zillow’s latest market report shows that home values in North Texas have gone up more than $100,000 since the start of the pandemic.
- Typical home values in the area appreciated $69,488 in 2021, while median pretax income in Dallas in 2021 was $50,000. So homes made $19,488 more than median income, according to a new Zillow study.
Context: While home prices went up nearly 30% over the last year, wages in North Texas were up less than 5% over the same period, according to the Bureau of Labor and Statistics.
- Typical home appreciation was equal to roughly the annual mean U.S. wage of a human resource specialist.
Zoom out: Home value growth in 2021 exceeded median income in 25 of 38 major metros that Zillow studied.
- Typical values went up most in San Jose and San Francisco — more than $200,000 on in each place.
By the numbers: Typical home values in the Dallas-Fort Worth metro area are $361,270, per the Zillow report.
- Available inventory is down 13.8% since January.
- The number of houses for sale is 47.3% lower than it was in Feb. 2020
- Listings spend a median of 16 days before going under contract, two days less than in January and 24 days less than Feb, 2020.
- Typical rents are $1,699, 18.6% higher than last year.
What they’re saying: "More than anything, 2021 was a year of haves and have-nots, and the chasm between the two is widening," Zillow economist Nicole Bachaud said in the report.
- Bachaud said homeowners "saw their household wealth increase dramatically. But many renters witnessed that dream either soar out of reach or had to drastically adjust their expectations and plans."
A 215-unit apartment complex slotted for a vacant lot next to Interstate 35 will be among the first projects developed under a new subsidy from the City of Dallas designed to promote more affordable housing.
Driving the news: Dallas City Council approved a deal to develop Oakhouse at Colorado, one of the city’s first projects as a Public Facility Corporation. The complex is planned for the intersection of Colorado and Jefferson boulevards in North Oak Cliff, according to the Advocate.
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