hopes for homeownership
Fort Worth is the 4th most 'house rich' city in America, report finds
With high interest rates and home prices making daily headlines, houses in Texas' current real estate market may seem out of reach for many potential homebuyers. But that isn't the case in Fort Worth. A new study has revealed Fort Worth is the No. 4 most "house rich" major city in the nation.
To define the term "house rich," home services provider All Star Home examined data from the U.S. Census Bureau regarding the median value of owner-occupied homes and the median household income across the 25 most populous American cities. A home-value-to-income ratio was established for each city based on the Census data, and rankings were determined based on whether a city had a low home-value-to-income ratio and high homeownership rate.
The study found Fort Worth's homeownership rate is 44.80 percent. Fort Worth's median home value is $212,300, and the city's median household income is $67,927 a year. That means Fort Worth has a 3.13 home-value-to-income ratio, which is the fourth lowest out of all 25 major cities.
With Fort Worth's median household income, affording a starter home in the city is not as unattainable as potential homebuyers might think.
Fort Worth wasn't the only Texas city to make it into the top five. El Paso took the No. 1 spot, and San Antonio ranked right behind Fort Worth in No. 5. Oklahoma City, Oklahoma (No. 2) and Indianapolis, Indiana (No. 3) were the two other cities that outranked Fort Worth with their high homeownership rates and home-value-to-income ratios.
Dallas appeared a little farther down the list in No. 15. Only 41.40 percent of housing in Dallas is owner-occupied, and the city has a 3.95 home-value-to-income ratio. Zillow says the average (not median) home value in Dallas is $306,310.
The top 10 most house rich major cities in the U.S. are:
- No. 1 – El Paso, Texas
- No. 2 – Oklahoma City, Oklahoma
- No. 3 – Indianapolis, Indiana
- No. 4 – Fort Worth, Texas
- No. 5 – San Antonio, Texas
- No. 6 – Jacksonville, Florida
- No. 7 – Columbus, Ohio
- No. 8 – Philadelphia, Pennsylvania
- No. 9 – Charlotte, North Carolina
- No. 10 – Phoenix, Arizona
All Star Home also analyzed the most house rich states in America, but Texas appeared at the bottom of the study's category for the least house rich states, ranking No. 21.
The full report can be found on allstarhome.com.