According to a recent article in the Dallas Morning News the average home price in Dallas area ranked near the middle in affordability, compared with 26 other areas around the country.
The least affordable comes as no surprise with California and San Francisco topping the list. Pittsburg was the most affordable place to buy a home.
In San Francisco, in order to buy a home in the median price range, the buyer would need to make $161, 947.60 a year to afford a median home. San Diego faired a bit better with $109,440.97 followed by Los Angeles with $92,091.89 of income needed to purchase a median home.
In the DFW area that number is quite different with the home buyer only needing to make $54,764.49 a year to qualify. Followed by Houston at $52,274.68 and San Antonio being affordable at $48,752.98 per year.
Home prices as a whole have gone up about 7.9% in the second quarter of 2016 in the DFW area with Austin seeing an increase of 6.7% and Houston seeing a decrease of 1.7% during the same time.
The average sales price of a median home is the DFW area is now at $232,200. While this is still moderate as compared to other areas, the DFW area continues to see an increase in home prices from quarter to quarter.