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.

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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

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.

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