Buying a home in Dallas is getting more difficult. Here's why.
DALLAS — Owning a home in Dallas is becoming harder, according to new data from the Dallas Housing Coalition.
This month, the organization is hosting panels aimed at educating the community on the current situation and offering strategies.
Zachary Marshall said finding a home in Dallas he could afford wasn't easy.
"It was super frustrating," he said. "It took five months to get it done."
In total, Marshall and his partner bid on five houses.
"Three of them sold for over $50,000 - $75,000 over asking," he said.
He said mostly, they were competing against developers.
"That's who we were fighting with on this one, who wanted to come rip it down," he said. "Those companies have the funds to beat us out.. or a single mom with four kids..literally anyone."
According to the Dallas Housing Coalition, Dallas has become unaffordable for many residents.
The median income is just over $58,000 and the average home price is just over $400,000.
The organization represents more than 200 organizations working to fix the problem. They shared the latest data and strategies during a panel discussion. Property tax was one of the topics.
"If you are a current homeowner, I would say first of all make sure you have a homestead exemption," buildingcommunityWORKSHOP's
Lisa Neergaard said. "That's going to be your first and best route to securing exemptions and lower taxes."
"If they can get their tax profile correct and their title worked out properly, that opens up all sorts of resources at City Hall, and for other grants and funding opportunities," Toler Company's Toby Toler said.
In west Dallas' 75212 zip code, Stephanie Champion with Builders of Hope said new development has greatly increased property values.
"We have seen evaluations double, triple, quadruple, sometimes up to 10x their previous evaluations in the span of the last seven years or so," she said.
She said some longtime homeowners are being pushed out because their property taxes are too high.
Her nonprofit is now launching a pilot program that's helping homeowners who have lived in their homes for 10 years or more pay their property taxes. For more information, click here.
If you're interested in attending the Dallas Housing Coalition's next panel, it will take place on June 25, 5:30 - 7:00 p.m. at Four Corners Brewing Company in Dallas.
