Sad News for Singletons

Here's how long it takes Dallas-Fort Worth singles to save for a down payment

It's a longer road for single homebuyers.

Photo by Sawitree Pamee/EyeEm, Getty Images

It doesn't take a math genius to know that two incomes are better than one, especially when saving up to buy a house. A new report from Zillow confirms that single homebuyers have it really, really rough, with many living in cities where it takes two or three times as long to save for a down payment as it does for a couple. Even worse, less than half of all U.S. homes are affordable for a single homebuyer.

In Texas, however, the numbers are a little less scary. While Zillow claims that the average single homebuyers would need to save for 11 years to a reach a 20 percent down payment on a typical U.S. home, in Dallas-Fort Worth the number is a slightly better 9.6 years. To reach this estimate, the real estate website combined home values and income data from the Census and assumed that 10 percent of the person's or couple's income was being saved every year.

So if singles in DFW are having to wait nearly a decade to become homebuyers, how long does it take couples? Only 4.4 years. That's mainly because their combined median income ($87,800) is more than twice that of singles ($40,000), which also sets them up to afford a higher percentage of available housing stock: 90 percent versus 48 percent. So a couple in DFW could, at maximum, afford a home priced at $440,698. A single homebuyer is limited to $205,047 or less.

The silver lining here is that DFW residents still have it easier than Austinites, no matter their marital status. In Austin, single homebuyers are right in line with the U.S. average at 11.1 years, while couples actually have to wait a little longer than the nation as a whole: 5.1. Austin couples have a much higher combined median income ($99,000 versus $45,600) and can afford 87 percent of the homes on the market. Singles are limited to 42 percent, or the homes priced at $233,188 or less.

Aspiring Houston and San Antonio homebuyers are on the fastest track to Texas homeownership. Both cities give couples a four-year wait time, while singles only need to save for 8.8 and 8.4 years, respectively. The majority of each area's homes are affordable for couples (91 and 93 percent) but dip a little more for single Houstonians (58 percent compared to San Antonio's 63 percent). Median incomes are the lowest in Texas, with Houston couples making $85,000 ($39,000 for singles) and San Antonio couples earning $76,000 ($36,300 for singles).

No matter how disappointing it might look for Texans, at least it's way better than the situation in California. In San Jose, it can take singles 30 years to save for a down payment — typically the life of a home loan itself. San Francisco and Los Angeles are only marginally better, at 27.8 and 26.8 years.

Single and itching to sign the mortgage papers now? Go house-hunting in Indianapolis, which only demands 7.5 years of saving time from singles, or Detroit and Cleveland, which both clock in at 8 years.

zillow reports

T-Shirt News

Fort Worth clothing brand Dickies to relocate HQ to California

Dickies

Dickies T-shirt

After more than a century, workwear clothing brand Dickies is leaving Fort Worth for new headquarters on the West Coast. It will be moving from its current space at 500 Taylor St., at the top floor of The Tower, to California, with an estimated completion date of late spring 2025.

The company is relocating to Costa Mesa, home of its parent VF Corp, the footwear and apparel firm that owns brands such as Vans, The North Face, Timberland, Jansport, and Eastpak; VF Corp acquired Dickies in 2017.

"By co-locating Dickies with our Vans team in Costa Mesa, we will create an even more vibrant campus where creativity and best practice sharing can thrive through greater collaboration and connections – creating a dynamic and innovative environment similar to our other VF co-branded offices," says a Dickies representative in a statement, according to NBC 5.

According to Dickies, about 120 employees at the headquarters will be affected, but not those working at the local distribution facility, warehouses, and stores.

"We are deeply grateful for our Dickies associates’ dedication and hard work and want to recognize the camaraderie and commitment they have shown to the brand," the Dickies representative said in a statement. "Our priority is to ensure that everyone is treated with respect and care throughout this process. We will provide resources and assistance to help them navigate the next steps in their careers."

Fort Worth Mayor Mattie Parker chimed in on the relocation decision, stating that it's an example of a Fort Worth success story.

"While we understand companies are sometimes forced to make difficult budget decisions under new leadership, we think VFC will find – as others have – that Fort Worth, Texas is ultimately a more competitive place to do business,” Parker said in a statement.

Established in Fort Worth in 1922, Dickies brand impact, which was first founded by C.N. Williamson and E.E. "Colonel" Dickie, will still be felt, even after it leaves the city: In 2017, it gained naming rights to the 14,000 square-foot Dickies Arena next to the Will Rogers Memorial Center, and later opened in 2019.

According to the company, the California move will be managed over an "extended transition period." It's expected to be completed by May 2025.

"While this was a tough call, we are confident this change will help us revitalize Dickies so we can carry on the brand’s heritage for years to come," said the company representative.

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