Here's how much you need to earn to afford a mortgage in Dallas

A lot can change in four years, and there may be no area more starkly affected in Dallas than the cost of housing.

The four-year timeframe of Zillow’s analysis portrays a pre- and post-pandemic reality for the Dallas housing market, one defined by escalating home prices and exacerbated by hiked interest rates.During 2020 and 2021, the region saw homebuyers angle to move into larger houses that could accommodate home office spaces with the COVID-19 reality. That was then combined with a population explosion tied to migration from other states.

“You have buyers competing with people from California, Delaware and Oregon. Affordability in Texas is much better than those places and is below-market based on what they’re used to, so it drives up the price,” said Seelenbinder, who is a divisional sales executive for the Charlotte-based bank.

Seelenbinder said he has started to see a plateau in the market compared to the frantic pace between 2020 and 2022.

Source: Loan Digest (loandigest.net)

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