July 7, 2017 Comments Off on Higher Costs Could Impact Affordability Edge Views: 658 Dallas-Fort Worth, Texas News

Higher Costs Could Impact Affordability Edge

One of the reasons why people are flocking to North Texas is because of reasonable housing costs. However, the recent Dallas Builders Association/Meyers Research Housing Report noted that Dallas-Fort Worth could be losing its affordability edge.

The median home price in the area jumped from $149,900 in 2011 to $232,000 in 2016. In March 2017, the new home affordability ratio stood at 46.7%. This means that less than half of those living in the region can afford a new home.

Land and labor are two factors. Also contributing are lumber costs, which will be exacerbated if the Trump administration imposes duties of up to 24% on Canadian lumber.

Meanwhile, regulations, on average, account for more than $84,000 per home. More than one-third of Dallas Builders Association members cited code changes and increased fees and dedication requirements as a substantial reason for added delays and increased costs.

Read More at Dallas Builders Association

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