Dreaming of owning a home in Dallas? Let's talk numbers!
The cost of living in Dallas is around $2,489 per month, which is 3% higher than the national average. Housing is often the most significant expense in any budget, and Dallas is no exception.
Today, we're diving into three essential aspects of Dallas, Texas, to help you gain a better understanding of this vibrant city.
What You Need to Know:
1. Mortgage Rates: Keep an eye on mortgage rates, which can impact your monthly payments. A higher credit score typically results in a lower interest rate on your mortgage, saving you thousands of dollars over the life of your loan.
2. Home Prices: Dallas has seen steady home price appreciation. In March 2024, the median listing home price in Dallas, TX was $450K. Research neighborhoods to find a balance between affordability and desirability. Some of the most affordable Dallas suburbs include Duncanville, The Colony, Lancaster, Mesquite, Balch Springs, Garland, and Cedar Hill.
3. Property Taxes: Dallas has relatively high property taxes. Factor this into your budget when considering how much house you can afford. A recent study showed the DFW area has the sixth-highest median residential property tax burden among major metro areas in the nation.
Navigating the Dallas housing market is exciting but requires careful financial planning. We're here to help guide you on your homeowner journey. Our affiliate partnerships across the DFW area connect you with real estate professionals and lenders to help you find the right direction.
Are you ready to take the next step? Book a free Credit Consultation with us today and let's get started on achieving your dream of homeownership in Dallas!
P&P Credit Services is based out of Dallas, Texas, and serves clients across the nation. Give our office a call at 972-984-9446 to learn more!