Unaffordable in a Decade?
One analysis took a look at what home markets will be too pricey within the next decade. Is Dallas on the list?
If you’re looking for an affordable home in the city, one analysis aiming to track what cities could come up empty on inventory says you may want to get a move on.
GOBankingRates looked at the overall U.S. median home value and projected its growth over the next decade by using the one-year forecast for September 2022-2023 from Zillow. That projection was then compared to the projections of more than 500 U.S. cities that (right now) have home prices below the national median price of $325,677.
Cities that could outpace the national median in the next decade would be in danger of becoming unaffordable.
Dallas, the ninth-largest city in the U.S., is on that list, with a January 2022 home value of $308,661 and a one-year projected growth rate of 22.4%, GOBankingRates predicts the city will become too expensive by 2024, when home values could reach $462,429, compared to the projected national median of $448,108.
“Granted, this approach comes with some caveats,” GOBankingRates said. “Projecting into the future based on a single year’s growth rate could ultimately paint an unfair picture in markets where the current rate is an anomaly. Additionally, Zillow’s estimated home values don’t necessarily reflect the list prices or sale prices in each market.
“Still, identifying the areas that are outpacing the national average for growth can help shed light on the cities where you should buy a home sooner rather than later.”
