The cost of housing is the single largest monthly expense for most families and individuals. Ultimately, homeownership is a goal for most households, as the equity accumulated by buying a home is an important source of wealth and stability. However, the cost of owning a home can be prohibitive. Renting is a temporary solution for some, but for others, homeownership is an elusive goal that may never be achieved. Providing quality housing—for both purchase and rental—at a cost that is affordable is a necessary component of the Dallas area’s long-term success as a dynamic and desirable place to live.
This aspiration presents data and information for four indicators, which are listed in the grey panel on the right side of this page. Specifically, the four indicators within this aspiration report the following:
- Sales prices: Median sales price for homes in counties included in Dallas Indicators as well as for those in area communities, as reported by North Texas Real Estate Information Systems (NTREIS) and the Real Estate Center at Texas A&M University
- Affordability of homeownership: Data regarding the Texas Housing Affordability Index (THAI) and the First-Time Homebuyer’s Affordability Index (FTHAI), as calculated by the Real Estate Center at Texas A&M University
- Homeownership: Data on homeownership rates, or percentages of households that own their home (including those with a mortgage), as compared with the percentage that rent their home, as reported by the U.S. Census Bureau and Claritas, a marketing firm
- Mortgage loan access: Data on mortgage loan participation and denial rates by race/ethnicity and income, collected in accordance with the Home Mortgage Disclosure Act (HMDA) and compiled by the Federal Financial Institutions Examination Council (FFIEC)
- Mortgage foreclosures: Number and proportion of mortgages that are foreclosed upon in the counties included in Dallas Indicators, as reported by RealtyTrac, an industry research firm specializing in foreclosure investment