Affordable Housing in 2020: How Healthy is the DFW Area?
When it comes to shopping for an affordable house, it’s important for those in the low-income tier to answer one very simple question: “How healthy is the community I will be living in?”
Looking beyond the physical features of a community and digging deeper for details on affordability and housing inventory are crucial to decision-making. You need to have a good grasp of those numbers that tell you everything you wanted to know.
And when it comes to determining the “health” of a market, knowing how easy it is for anyone to buy a home is a good start.
Despite the fact that the DFW is performing better than most areas in the midst of the coronavirus pandemic, there are some issues we have to consider insofar as affordability is concerned.
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A key metric that is a very big factor in housing affordability is the poverty rate. According to Habitat.org, out of 100 low-income households in the United States, only 29 are “affordable and available.” That said, the poverty rate for every area in DFW gives us a thorough understanding of just how easy (or difficult) it is for Americans to buy a home based on socioeconomic factors.
Here’s how some counties in the DFW area factor in terms of their poverty rates and affordability:
|Poverty Rate||Affordability Score||Work Hours Needed to Pay for Affordable Housing|
Home Values vs Inventory Supply
Another important metric to consider in determining the “health” of a real estate market is the recent pricing trend. Volatility in home values can add a layer of complexity in making affordable housing available to those who need it the most. In a report by Oxford Economics, over 18.2 million American households last year “spend more than half their income paying basic housing costs.”
Of course, 2019 saw an affordability crisis for the DFW area, but with recent disruptions in mind, the affordable housing sector may gain some traction in the succeeding months. Nonetheless, it’s still vital to know how home prices have changed for each county and how these numbers correlate with the availability of affordable housing.
Check out the table below:
|Change in Housing Value||Affordable Housing Shortfall (Supply)*||Vacant Houses|
* Negative numbers indicate inventory shortage relative to the low-income population; positive numbers indicate greater supply
These numbers tell us that the DFW area is still in an affordability crisis and there is a lot for developers and policymakers to do when it comes to providing affordable housing and attracting people who need it.
Later on, we will get to other issues that are hounding the affordable housing sector, but for now, I would like to take this time to reach out to you for collaborative opportunities. Give me a call so we can find a way to provide affordable homes.