Dallas’ condos are often known for having a premium feel.
But a recent analysis of data from Real-Time Home Analytics suggests that many of the priciest neighborhoods in the city are actually more affordable than their listed price.
“The reason it’s such a great deal for renters is that they’re not as expensive as they seem,” said Kevin Littman, senior research analyst at Real-time Home Analytics.
In this infographic, the median price of condos in Dallas is shown for each major city in the U.S. and for Dallas, the city with the lowest median price.
(click to enlarge) “We’ve been tracking a number of housing affordability trends in the last several years, and one of them is that the prices of homes are increasing more slowly than the cost of living in most of the U., including in many of Dallas’s neighborhoods,” Littmann told FourFourSecond.
That trend has resulted in an overall decrease in median home values in Dallas, which has been one of the worst cities in the nation to buy a home, according to data from the National Association of Realtors.
The median home value of the city is now $6,700, down from $8,700 just two years ago, according the NAR.
Despite its steep cost of ownership, Dallas is also a good place to rent a home.
According to Real-rate Home Analytics, the average monthly rent for a two-bedroom apartment in Dallas has dropped to $1,500 from $2,500 in 2015.
But if you’re looking for the best deal on rent in Dallas or in your neighborhood, Real-home Analytics suggests checking out the condos listed for sale in the area.
Real-time home analytics data from Realtor.com.