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April
27

Boom: Hispanics Lead Housing, Income Surge, Poverty at Record Low

Hispanic Population Growth By 2060Latinos are finding their economic legs under the Trump administration, leading the surge in home ownership and income growth and record low poverty rates, according to two comprehensive new surveys.  While they remain far behind whites in income, they have seen their third consecutive year of income growth and have a higher workplace participation rate, according to the National Association of Hispanic Real Estate Professionals and the Hispanic Wealth Project. 

 

In two studies just released, the groups also provided revealing details about Latinos and their growth in America. For example, by 2060, nearly one of every three in the U.S. will identify as Latino.  The reports detailed Hispanic housing and economic trends and found most signs rapidly improving.  What's more, the group's goal of nudging overall Hispanic income up is showing signs of success. The group said that within the next five years, Hispanic median income will triple.Hispanic Homeownership rate

 

The group listed the positive trends in its income report:

  • For the fourth consecutive year, Hispanics increased their rate of home ownership, reaching a rate of 47.1%. In 2018, Latinos added 362,000 homeowners which is the highest number of owner households added for Latinos since 2005.
  • In 2017, Hispanics saw the third consecutive year of income growth and the highest of any demographic.
  • Between 2016 and 2017, Hispanics increased their real median income by 3.7%. Latino families making an annual income over $200,000 increased from 2.1% in 2011 to 3.8% in 2017, and the percentage of Latino millionaires more than doubled between 2013 and 2016.
  • Poverty rates reached a historic low for Latinos. Simultaneous to median income growth, Hispanics have lowered their poverty rate for three consecutive years. With a poverty rate of 18.3% in 2017, Hispanics reached their lowest level since poverty estimates for Hispanics were first published by the U.S. Census Bureau in 1972.

Hispanic Income Growth

  • Latinos have significantly higher labor force participation rates. Hispanics are employed at a rate of 66.1%, compared to 62.9% of the general population. The Hispanic unemployment rate was reduced by over 7 percentage points between 2009 and 2018, from 12.1% to 4.7%, respectively.
  • Latinos continue to drive small business growth. Between 2014 and 2016, the number of Latino-owned employer firms increased by 13.1%, accounting for 23.8% of the net growth of all employer firms during that period.
  • Participation in retirement accounts for Latinos is increasing. Between 2013 and 2016, Hispanics increased their rate of retirement account ownership from 25.1% to 29.7%, and the value of their retirement accounts increased by roughly 40.4%.
  • Washington Examiner, April 23, 2019
March
31

Dallas Home Price Hikes Are Turning Buyers Into Renters

 

Should you buy or rent?

Dallas is one of the U.S. metro areas where rising home prices have hurt homeownership the most. Dallas, Denver and Houston were identified as the markets where there is the most downward pressure on homeownership, according to a new report by Florida Atlantic University and Florida International University faculty. The study ranked areas where the markets have tilted in favor of renting over buying homes. Researchers traced housing conditions in 23 markets for the report. Dallas was the most unfavorable for homeownership among the cities surveyed. "Of the metros in our index, Dallas is the highest and exhibiting the greatest downward pressure on the demand for homeownership," said Ken Johnson, real estate economist in FAU's College of Business. "The extraordinary appreciation in the area is a major driver of this score."  Dallas' housing market has taken off since the Great Recession, with soaring prices.

  • Dallas Morning News, March 20, 2019
March
30

Dallas Ranks #1 For Millennials Nationwide

 

Meyers Millennial Desirability Index (MDI)

        SOURCE: Meyers Research

 

Dallas and Houston are the hottest spots in the country for millennial homebuyers. That's what analysts at California-based Meyers Research found in their annual "millennial desirability index" that rated the country's largest housing markets. Austin ranked third on the same list, which compared data on housing affordability, job growth, cost of living and other factors for major metro areas across the country. Meyers Research's director of research, Ali Wolf, said factors such as Texas' relatively low new home prices, strong economy and high quality of life push the state's major cities to the top of the list. Job opportunities, affordability and lifestyle were key factors millennials said they would consider in moving to a new city. Meyers' study is one of two recent studies that give North Texas high marks for first-time homebuyers.

  • Dallas Morning News, March 24, 2019
January
30

Dallas, Texas Housing Market Forecast: One of the 'Hottest' in 2019?

 

Dallas, Texas Housing Market Forecast: One of the 'Hottest' in 2019?

 

By Brandon Cornett | January 18, 2019 | © HBI,

 

Recent forecasts for the real estate market in Dallas, Texas suggest that home prices in the area could rise faster than the national average in 2019. A separate forecast from Zillow ranked Dallas as one of the top ten "hottest" housing markets of 2019.

Bold Outlook for Dallas Housing Market in 2019

At the start of 2019, the median home value for Dallas, Texas was around $201,000. (The median for the broader DFW metro area was a bit higher.) That was a gain of more than 13% from a year earlier, according to data collected by Zillow.

Predictions from housing analysts point to continued home-price growth throughout 2019. In fact, the Dallas real estate market is expected to outperform the nation this year, in terms of annual home-value appreciation.  Given the current rate of appreciation, it would not be surprising to see the median house price in Dallas rise somewhere between 7% and 10% over the next year.

Zillow's research team recently predicted that the median value in Dallas would climb by 11.2% over the next 12 months. That was a much bolder forecast than the one they issued for the nation as a whole, which predicted 6.4% growth.

Housing Supply on the Rise

Inventory is another important trend that could shape the Dallas-area housing market in 2019. This year, home buyers across the metro area could have more properties to choose from.  At the end of 2018, the Dallas real estate market had more than a 4-month supply of homes for sale. That was a higher level of inventory than most metro areas across the U.S., and also higher than the national average during that same timeframe.

The key takeaway here is that housing inventory in Dallas (i.e., the number of homes listed for sale) increased during the latter part of 2018. As a result, buyers who enter the market this year should have more options when it comes to choosing a property.

Dallas Makes Zillow's "Hottest" List

In January, Zillow published a forecast that included what they felt would be the ten "hottest U.S. housing markets for 2019." Dallas was ranked at number seven on that list.  To create their "hot list," Zillow examined a number of factors for the nation's 50 largest metro areas. They then combined these variables to create a "hotness" score. They looked for metro areas with strong income growth, growing populations, and low unemployment — among other factors.

A Cooling Trend Could Prevent Affordability Issues

The Dallas real estate market is something of a paradox right now, as we move into 2019. Home prices in the area continue to rise faster than the national average. At the same, however, there is clearly a cooling trend taking place.

Paige Shipp, regional director at MetroStudy, recently told The Dallas Morning News: "Dallas-Fort Worth, the nation's top new home market, is slowing from a frenzied, overheated pace to a more stable, normalized market. Builders and developers are hard at work delivering product to meet the strong demand for affordable new homes."

Dallas currently leads the nation in terms of new-home construction, according to MetroStudy and other sources. There were nearly 35,000 housing starts in the DFW area during the third quarter of 2018, more than any other metro. (A "housing start" is the beginning of construction for a house.)

If inventory continues to grow in this market — as expected — it will likely lead to smaller home-price gains in the future. And that's probably a good thing. When house prices rise at a much faster pace than local wages and income, it can create affordability problems. So a cooling trend could actually be beneficial at this point.

Disclaimer: This article includes housing market predictions for the Dallas-Forth Worth metro area in 2019. They were provided by third parties not associated with the Home Buying Institute. Real estate forecasts are the equivalent of an educated and are far from certain.

 

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