It may be time to ask your boss for a raise.
The salary needed in order to afford the median-priced home in the Dallas-Fort Worth area is $65,420, according to a new report by HSH.com, up from $59,500 in the same report from 2017.
The national average salary required to purchase a median-priced home is $61,297, the report said, and the median-priced home in the Dallas-Fort Worth area is $262,100.
A separate reading of the data, produced by the MetroTex Association of Realtors, showed that as of October 2018 the median price of a home sold in DFW was $250,000. That amount was down noticeably from June of this year, when the median price was $271,000.
Butch Krebs, 76, just moved into his home in Aubrey, which is along the Denton and Collin county line. The United States Army veteran is among the very first to buy in Aubrey’s Sandbrock Ranch community and paid about $250,000 for his three bed, two bath, 1,500+ square foot home. According to his realtor, that same home in Frisco or Prosper could have cost closer to $400,000.
“I wasn’t interested in buying at those prices,” Krebs said. “I had to stick to my apartment rent, and even that was high.”