Texas

The Dallas-Fort Worth (DFW) metroplex will lead the nation in absolute job creation for a third consecutive year in 2018. Strong employment gains have produced healthy household formation trends as new residents migrate to the market and young adults continue to move out on their own. As a result, many new residents are filtering into apartments as homeownership in the metro falls out of reach. Pricing Concerns Since the end of 2012, median home prices in DFW have increased nearly 60 percent to more than a quarter of a million dollars, with median prices in some core neighborhoods reaching well above half a million dollars. At the same time, the projected minimum qualifying income rose marginally in comparison. The gap in growth between these two metrics makes single-family homeownership unattainable for a number of residents. And although the homeownership rate has ticked up over the past couple of years, it remained below the national average in the first quarter of 2018. These trends bode well for the apartment sector, ensuring overall absorption will be healthy at a time when developers are adding a record number of units to inventory. Households, whether renting or owning, are searching for affordable living options …