We live in a material world. Whether we want it or not, everything revolves around money. The recent pandemic we went through caused many problems, and many of them include finances. The last year surprised us with an inflation rate of 6.04%, making the already challenging situation even more difficult. Housing is a necessity for everybody, and affordable options are a goal more than ever. Different states and cities within them offer different levels of affordability. Even more so, different parts of the same city can vary in price. In case you plan on hiring our cross country movers Dallas, you should know about the current state of the real estate market in this Texan city. Today we will talk about everything concerning affordable housing in Dallas.
What even is affordable housing?
Finding things for an affordable price nowadays is a goal, but what does affordable mean? Affordable housing is housing that is priced below the national average, which is great for those sections of society that win less than the median household income. The median household income in Texas is $67,300 compared to the national average of $69,000. The residents of Dallas, on the other hand, gain less compared to both averages, only $58,200. But luckily, the incomes are usually balanced with the cost of living and housing costs, so the median home value in Dallas is estimated at $230,000. So, if you move to this city with the help of some moving companies state to state, an affordable housing option would cost less than $230,000.
The state of affordable housing in Dallas
With the real estate price surges, affordable housing options are more and more difficult to find. In Dallas, the most affordable housing option are condos, studio apartments, and one-bedroom apartments, some even starting at $135,000. These prices will get you thinking about whether you should buy a home in Dallas right now. These are usually located in neighborhoods like Deep Ellum and Lake Highlands – neighborhoods that have a population of being affordable compared to other parts of the city. If your budget is over $160,000, you can find single-family homes in that price range, in some of the most affordable neighborhoods. For a price closer to the city average, you can find all of the previously mentioned, and even some smaller-sized apartments close to the city center. And as expected, for a price higher than the average, you can find whatever you like – apartments and houses of any size, in any neighborhood in Dallas.
How to find these affordable options?
As you can see, Dallas has plenty of affordable housing options. Now that you know that they exist, how are you supposed to find them? It will take time, dedication, and focus, but you will have a home in the end. Some foolproof ways to complete this task are listed below.
- Don’t give up what you want for a low price
- Know your budget
- Rely on your connections
- Use the services of a professional
- Make compromises
Don’t give up what you want
When you enter the real estate market as a buyer, you need to be firm and know what you are looking for. In a big city like Dallas, there will be thousands of properties on sale, each with its unique pros and cons. Some will be reasonably priced, while others might be even more affordable than the most affordable options. But this always comes with a catch. They usually lack something crucial, that should not be given up for a low price. For example, if you have always wanted a home in a Dallas suburb for families with kids, don’t settle for a studio apartment in the city because it is cheaper. There is plenty of affordable housing in Dallas, so you will be able to find what you want, just give it time.
Know your budget
The budget is the biggest limiting factor when home buying. Whatever your budget is, keep it in mind at all times. Homes that are only a few thousand dollars over that line will be tempting, but why bother? Focusing on what you can’t have will only cause unnecessary headaches, so it is best to focus on what you can afford.
Rely on connections
No matter how long you have lived in a certain place, you will have made at least a few friends. Engage with them in a talk about the topic of home buying, and mention that you are looking for affordable housing in Dallas. Chances are high that someone will have information that will interest you. Apart, these are people that you know personally, so they won’t benefit from recommending you a bad property or a fraudulent seller. The same goes when looking for some of the best interstate moving companies Texas – your friends and acquaintances are more reliable than any online review.
Use professional services
Even though you might be on a tight budget, a professional real estate agent is worth the invested money. They will usually cover around 6% of the home’s sale price, which might seem like a lot. But they are professionals in the field, with connections that will speed up the search tremendously. And apart, they will only connect you with reputable sellers, diminishing the possibility of problems along the way.
Everyone strives to live in their dream home, but that is sometimes impossible on a budget. You have to have realistic expectations. You cannot expect to find a home for an affordable price that comes with a swimming pool. There has to be a line between realistic and unrealistic expectations. Focus on the basic, must-haves, and compromise on any extra. Aside, with time, you will always be able to expand and invest in your home – which is a huge benefit of owning a home in the first place. And if you implement certain tips on how to find a good job in Dallas before moving, your income can help you make this dream reality sooner.
Negotiate when looking for affordable housing in Dallas
Not many people like to negotiate and haggle when it comes to buying things. But there is nothing to lose if you try, and being shy to do it isn’t a good excuse. Making an offer for as little as a few thousand dollars less won’t make a big difference to the seller – but to your limited budget yes. The worst thing that can happen is your offer being rejected, which is not a big deal.
What are the benefits of finding affordable real estate?
Each action we make has a certain goal to it. The goal of trying to find affordable housing in Dallas is the benefits that it brings.
- The most obvious benefit is saving money. In an uncertain time like today, renting is not the most rentable option. Prices can skyrocket overnight, you might get evicted, etc. By investing in housing, you will have your own home, where you will set your own rules – for an affordable price.
- Peace of mind – it is a priceless state that sadly not many people get to enjoy nowadays. In your own home, you will be the boss, and you can do what you want.
Affordable housing also comes with downsides
Downsides are a part of almost everything, and affordable housing also has bad sides to it. Your goal should be to find a property where the bad sides won’t outweigh the good ones. Balance is key!
- You might have to adjust your standards – we mentioned earlier that you shouldn’t compromise on some basics, but there are things that you can give up for a good deal. Decide what you want and set realistic expectations before you enter the market.
- Affordable housing doesn’t always mean bad quality – there is a reason why homes are sold for cheap. Sometimes it’s the seller being in a hurry, or because of its unfavorable location. But most often affordable housing in Dallas, like in every other city, means that the building is either old or badly made. This doesn’t mean that you shouldn’t buy it, it is just something to keep in mind as remodeling and redecorating might be necessary.
Final thoughts on finding affordable housing in Dallas
Dallas is home to 1.288 million people, making it the second-biggest city in Texas. More and more people are deciding to make it their home, as it is growing at a rate of 1.33% in recent years. The population increase in Dallas County will inevitably lead to higher housing costs – but more people also lead to a growing economy and higher salaries in the future. All in all, you should jump at the opportunity of finding affordable housing in Dallas, as the prices have only increased in the last few years. We wish you good luck and plenty of good real estate options!
Solutions, R. (2022, November 14). How Much Does a Real Estate Agent Cost? Is It Worth It? Ramsey Solutions. https://www.ramseysolutions.com/real-estate/how-much-does-a-real-estate-agent-cost