Real Estate Rumblings

Dallas-Fort Worth homeownership rate climbs to record high during pandemic, report says

Dallas-Fort Worth's homeownership rates are soaring.

Photo by Ariel Skelley/Getty

Buoyed by historically low mortgage rates and robust home sales activity, Dallas-Fort Worth is basking in record-high homeownership rates.

In the third quarter of this year, the homeownership rate in DFW climbed to 69 percent, according to a report released November 17 by the Texas A&M University Real Estate Center.

That compares with 64.9 percent in the second quarter of this year and 61.5 percent in the third quarter of 2019. Federal homeownership data for DFW dates back to 2005.

Statewide, Texas’ homeownership rate clocks in at an all-time high of 70 percent, exceeding the nation’s 67.4 percent for the first time since 2012, according to the report.

"Strong sales activity during the third quarter pushed the Texas homeownership rate to the unprecedented high," says TAMU Real Estate Center’s chief economist Jim Gaines in the report. "Nationally, homeownership fell across all races and every age group, except those 65 and older."

And while DFW has seen growth, the numbers are even higher in Austin. In the Austin metro area, the homeownership rate skyrocketed to 74.7 percent in the third quarter of this year, up almost 9 percentage points from 65.8 percent in the second quarter.

The Real Estate Center notes that, among the state's four major metro areas, Austin’s homeownership rate is the highest for the first time in 12 years.

Elsewhere in Texas, the homeownership rate in the San Antonio rate barely budged. The report shows the rate went from 66 percent in the second quarter of this year to 66.3 percent in the third quarter. That compares with 61.1 percent in the third quarter of last year and the record high of 76 percent in the fourth quarter of 2004. San Antonio’s data goes back to 1996.

Houston, which has been battered by the pandemic recession and a downtown in the oil industry, saw the regional homeownership rate drop from the second quarter of this year (67.9 percent, a record high) to the third quarter (65.5 percent), the report says. In the third quarter of last year, the rate sat at 61.9 percent. Houston’s data dates back to 2005.

Gaines warns that homeownership rates around Texas could slide next year as pandemic-era protections against home foreclosures expire.

"Homeownership could suffer in 2021," he says, "as COVID-19 foreclosure-protection policies expire. Texas has a higher proportion of Federal Housing Administration and Veterans Administration loans."

reports

Elite address

One Texas community makes list of the richest small towns in America

Photo courtesy of Compass

Bunker Hill Village is a coveted address in the Houston area.

An upscale community in Texas is among the top 10 richest towns in America, according to a new 2024 report. The community is Bunker Hill Village in Houston, and it's home to the richest residents in Texas. Sorry, Colonial Hills.

The analysis, by loan provider TitleMax, lists the 50 richest small towns — one from each state — using median household income data from the U.S. Census Bureau. In Bunker Hill Village, the median household income is about $250,000, the report says.

Of course, "small town" is a bit of a misnomer for Bunker Hill Village. Situated 13 miles west of downtown Houston, Bunker Hill joins five other communities – Hunters Creek, HiIlshire, Hedwig, Piney Point, and Spring Valley – to make up Houston's iconic Memorial Villages. In 2023, Bunker Hill was ranked the third-most expensive Houston neighborhood, with homes on the market for upwards of $2.7 million.

Notably, the area is home to Houston's only Frank Lloyd Wright-designed house.

"We are very proud of our quiet, wooded environment, and as a community, we work hard to preserve it for future generations," the city's website says.

The study found that more than half (56.5 percent) of the 1,250-home community make over $200,000 a year, while the enclave's median household income amounts to $247,188.

To put that into perspective, TitleMax revealed that the national median household income is $67,521. The Census Bureau's 2023 American Community Survey estimates the median income of a household in Texas came out to $75,780 in 2023.

Bunker Hill joins the likes of Houston's Bellaire and West University Place as some of the most affluent suburbs in America. The North Texas suburb of Southlake also made it on that list.

The No. 1 slot went to Monte Sereno, a suburb of San Jose, California with a median household income of more than $250,000, according to the report.

"While many people consider cities to be the epicenters of the rich, many retreat to small towns that offer safety, beauty, and privacy," the report's author wrote.

These are the top 10 wealthiest small towns in America, with their median household incomes:

No. 1 – Monte Sereno, California ($250,000-plus)
No. 2 – Cherry Hills Village, Colorado ($250,000-plus)
No. 3 – Mission Hills, Kansas ($250,000-plus)
No. 4 – Short Hills, New Jersey ($250,000-plus)
No. 5 – Scarsdale, New York ($250,000-plus)
No. 6 – Belle Meade, Tennessee ($250,000-plus)
No. 7 – Glencoe, Illinois ($248,851)
No. 8 – Bunker Hill Village, Texas ($247,188)
No. 9 – Clyde Hill, Washington ($238,958)
No. 10 – Chevy Chase Village, Maryland ($238,333)

The full report can be found on titlemax.com.

reports real estate houston