affordability gaps

Fort Worth buyers must earn this much more to afford a starter home in 2023

4321 Martha Lane, Fort Worth home for sale

This charming home at 4321 Martha Ln. in Fort Worth is on the market for $235,000.

images.estately.net

A new income analysis by online real estate brokerage Redfin has revealed just how much more a potential homeowner needs to make this year to afford a "starter home" in Fort Worth, a concept that's becoming seemingly less attainable with rising mortgage rates and increased competition among buyers.

The report revealed that first-time homebuyers need to earn $64,933 annually to afford a Fort Worth home in 2023, which is 14.4 percent more income than was required in 2022.

It's also $530 above the national average. According to Redfin, the average salary needed for a typical starter home in the United States is $64,403, about 13 percent more than a year ago.

These findings further confirm that affordability is one of the biggest struggles for potential buyers in the current real estate market. Median home prices are sitting at $245,000, and median mortgage payments are about $1,623 a month, the report said. However, the analysis indicated home sales in the city have risen 0.6 percent since this time last year.

Redfin senior economist Sheharyar Bokhari said in the report that it's a "wild goose chase" for homebuyers seeking their first home in the current market.

"The most affordable homes for sale are no longer affordable to people with lower budgets due to the combination of rising prices and rising rates," he said. "That’s locking many Americans out of the housing market altogether, preventing them from building equity and ultimately building lasting wealth. People who are already homeowners are sitting pretty, comparatively, because most of them have benefited from home values soaring over the last few years."

Bokhari predicted the wealth gap between current and potential owners could become "even more drastic" if current trends continue.

Buyers looking elsewhere in the Metroplex might find some success. Even though the income necessary to afford a Dallas home has risen to $72,885, that only amounts to a 10.6 percent increase year-over-year.

Elsewhere in Texas, a first-time homebuyer would need to make $57,513 to afford a home in Houston, which is nearly 14 percent more than in 2022. San Antonio saw the highest percentage increase in income necessary to afford a home, at 18.7 percent, with buyers needing to make $55,657. In Austin, potential homeowners saw a 3.3 percent decrease in income needed to afford a home, but it's still the highest income required out of all Texas cities in the report: $92,057.

The full report can be found on redfin.com.

Starter Home home-for-sale housing costs housing market reports

farm for sale

Unusual ultra-modern Grapevine ranch is on the market for $7.2 million

Photo courtesy of Briggs Freeman Sotheby’s International Realty

The Willow Wood Horse Farm in Grapevine is on the market for $7.2 million.

A stunning 10-acre property in North Texas that looks like it was made for an ultra modern cowboy family has just hit the market for $7.2 million.

Called the Willow Wood Horse Farm, this one-of-a-kind equestrian paradise is located on West Kimball Avenue in Grapevine, about 30 miles northeast from downtown Fort Worth.

The ranch is an extraordinary combination of elegant and thoughtful modern design paired with all of the practicality required of a fully functioning farm.

According to the listing, which is held by Burgher-Ray Ranch Group and managed by David Burgher and Harlan Ray, the farm includes several fenced pastures, an enclosed and insulated shop storage building with concrete flooring, and a seven-stall horse barn.

A covered and irrigated riding arena is attached to the barn, every stall has its own turnout, and six of the stalls are 12 feet by 12 feet wide, and the seventh is designated as a foaling stall. An additional turnout for grazing is located adjacent to the barn, as well as a training pen.

Willow Wood Horse Farm in Grapevine, ranch for sale The horse barn has seven stalls with individual turnouts.Photo courtesy of Briggs Freeman Sotheby’s International Realty

But the focal point of the entire estate is the 4,353-square-foot, three-story primary residence that sits at the highest point of the gently sloped property. The home was custom-designed and completed in 2022, featuring an exterior made of metal cladding, concrete, durable ipe hardwood, and glass.

Upon entering the front door, guests will notice unparalleled views that lead through the home's living areas and into the 3,000-square-foot back deck, past the 80-foot-long saltwater swimming pool, and out toward the pastures.

The chef's kitchen is outfitted with luxurious Gaggenau appliances, such as a steam convection oven, a conventional convection oven, a coffee machine, stove, dishwasher, a separate paneled refrigerator and freezer, and a warming drawer. A half bathroom and full butler's pantry is located to the side of the kitchen, which is equipped with a prep space and a dishwasher.

Additional features of the home include:

Koi ponds located on either side of the main door that welcome guests to the home
An open concept living space that contains the living room, kitchen, and dining rooms
A primary suite with a spacious walk-in closet and en-suite bathroom
Two additional bedrooms with en-suite bathrooms
Soft opening/closing doors in all main bedrooms
Dynaudio speakers installed throughout the home
Geo-thermal heating/cooling system

A custom-built metal spiraling staircase connects all three levels of the home. The second floor contains a viewing area with floor-to-ceiling windows and access to the covered porch and rooftop deck. The lower level leads to an "acoustically balanced" underground home theater featuring eight-foot concert walls, Dynaudio speakers, an Ember Audio sound system, a 250-bottle wine cooler, and a powder bathroom. The listing notes that this area could be converted into a storm cellar.

Willow Wood Horse Farm in Grapevine, ranch for sale The underground home theater has an impressive Ember Audio sound system with Dynaudio speakers.Photo courtesy of Briggs Freeman Sotheby’s International Realty

A detached three-car garage is located next to the home, which contains one EV charging station and two additional outlets for charging. Discreetly designed solar panels are hidden on top of the garage, which are capable of powering the entire residence.

The horse barn, irrigation system, and stock pond all run off of a water well located on the property, while the primary residence uses city water with a filtration system.

"Situated in the heart of the Dallas-Fort Worth Metroplex, just minutes from Lake Grapevine, Southlake, and an easy commute to DFW International Airport, this property affords someone the ability to have all the comforts of the city, while living just slightly removed from it all," the listing says.

Photo courtesy of Briggs Freeman Sotheby’s International Realty

The Willow Wood Horse Farm in Grapevine is on the market for $7.2 million.

real estate grapevine dallas fort worth ranches home for sale