2023 HOME EDITION
WHAT CAN I AFFORD?
appliances, including a washer and a dryer, she said. Priced out As a native North Texan and a Real- tor with Sophie Tel Diaz Real Estate who serves the Dallas-Fort Worth area, Jennifer Luu has seen rsthand how drastic increases in housing
When purchasing a home, Luu said most buyers work closely with a lender to obtain nancing. Most loan products require a down payment, and many times, buyers like to put down 20% of the purchase price to avoid paying for personal mortgage insurance. “Depending on credit score and amount of down payment, personal mortgage insurance can cost between 0.2% to over 1% of the loan amount each year,” Luu said. “Since a 20% down payment is more out of reach than it was a gener- ation ago, it is help- ful to have options and guidance from well-quali ed professionals.” Luu said in the past ve years, the median price of a three-bedroom, three-bathroom home in the greater Keller area has increased 36% from $382,500 to $520,000. However, build-to-rent communi- ties o er options for both transplants
Mortgage interest rates determine the monthly cost of a home. These examples are based on reported average interest rates by Freddie Mac each June from 2020-23 with a conventional 20% down payment and a 30-year xed mortgage. The following does not take into account property tax rates, homeowner insurance, homeowners association fees or other costs that go into a total monthly payment. Home cost: $350,000 20% down payment: $70,000 Loan term: 30-year xed Monthly principal and interest payment
prices have a ected her clients’ ability to a ord housing. “The low inven- tory combined with higher interest rates has pushed the typical mort- gage payment on a typical three-bed- room, 2 1/2-bath starter home in
RENTING CONTINUES TO BE AN OPTION THAT MANY NORTH TEXANS ARE FORCED TO CHOOSE. JENNIFER LUU, REALTOR
June 2021: $1,183 (3.02%) June 2022: $1,634 (5.75%) June 2023: $1,808 (6.71%)
SOURCE: FREDDIE MAC COMMUNITY IMPACT
to the area and locals wanting to stay, she said. But no matter if someone buys or rents, Luu said it’s important to com- pare the pros and cons of renting or buying when her clients are weighing their options. According to Wilson, build-to-rent communities are gaining popular- ity among developers and taking up more of the new housing construc- tion in the Dallas-Fort Worth area. Wilson said in the second quarter of
2023, 2,071 rental units were started. From the third quarter of 2022 to the second quarter of 2023, 4,273 rental units were started, which represented 10.1% of the overall market. Prior to 2021, the build-to-rent market was fewer than 1,000 units per year. “Build-to-rent housing is here to stay,” Wilson said.
the greater Keller area to more than $2,500 a month,” Luu said. “Add to that cost the money needed for a down payment, property taxes, repairs and maintenance, and other costs associated with owning a home, and renting continues to be an option that many North Texans are forced to choose.”
For more information, visit communityimpact.com .
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KELLER ROANOKE NORTHEAST FORT WORTH EDITION • JULY 2023
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