Many people living in DFW are renting to save for a house, assuming renting is more affordable. However, what people don’t understand is that rent goes up every year. Renting is a great option if it fits your overall lifestyle. Although, if you’ve been craving a bigger space, a yard of your own and a place to call home, renting might not be the only option.
DFW Average Rent 2020
The average rent in Dallas, Texas: $1,293
This number has gone up by 4.12% since just last month! In the last nine years, the average rent in DFW has gone up by $500, and continues to rise at a rapid pace.
The DFW area has become the #1 hot spot for corporate companies to move to. Considering there is no state or corporate income tax, Texas continues to welcome businesses into the lone star state. Overall, DFW has welcomed more than 75 company headquarters in the past seven years.
Corporate companies moving to DFW goes hand in hand with the greatest factor for higher renting costs: A booming population. Since 2016, the population has increased by 7.5%. This number might not seem huge, but when we are talking about millions of people, it makes a notable difference.
- 2016 DFW population: 5,971,000,
- 2020 DFW population: 6,301,000,
As the city continues to grow, so does its population and cost of living.
Dallas Average Mortgage 2020
A common misconception for DFW renters is that renting an apartment is cheaper. In a lot of cities, this makes perfect sense and gives first-time buyers the time they need to save before investing. Oddly enough, Dallas is not one of those cities.
Not to mention, when you own a home for around 7 years you build enough equity and notice a tax break.
A lot of first-time buyers get intimidated by the process and assume they are not qualified to own a home. We have some good news.
- Loans are still available for lower end credit scores
- You can take out a loan and use it as part of downpayment
- Some special loan programs even allow for 0% down payments
- Our selected lenders are committed to working with your situation
Rest assured our realtors take care of you and guide you through every step of the way. We are here to provide you with the top resources to ensure we make your real estate dreams come true. Schedule your free consultations with us today to get started