At a Glance...
Males: 421,697 (49.3%)
Females: 434,200 (50.7%)
Distance to Dallas: 20 miles
Distance to the Airport: 20 miles
Public Transit: The T
Median Home Value: $131,100
Median Rent: $931
Total Households: 279,426
Mortgage and Financials
Renting vs. Buying
While renting may have a certain appeal (the flexibility of a one-year lease and no down payment), there's something truly special about owning your own home. Not only do you get the financial benefits of equity and good credit, but there's an emotional aspect as well. When you own a home, you're able to put down roots in your community and really invest in the place you live. As you pay off your mortgage, you're building wealth and credit. Plus, once it's paid off it's completely yours!
Also, if you can afford to rent, you can almost certainly afford to buy. Oftentimes, mortgage payments in an area will be less than the typical month's rent. Here's some more information on renting vs. buying.
The Down Payment
For many people, one of the hardest part of buying a home is saving up money for the down payment. While 20% of a home's value may seem like a lot upfront, don't let the down payment hinder you from diving into the world of homeownership! There are many creative ways to save up money for a down payment, but a great way to start figuring it out is to meet with a bank lender or a financial planner to discuss your personal finances.
Financial wizards recommend not spending more than 28% of your monthly income on housing. So do the math, depending on your income, and figure out what kind of home you can afford in the long run. Remember, the more money you put down in the beginning, the more you'll save over time as you pay off your mortgage.
Free Mortgage Calculator
Our free mortgage calculator is a great way to play around with your budget. You can insert home values, your down payment, and the amount of interest you expect to pay on your home loan to get an idea of what your monthly payments will look like. Before you make any decisions, however, it's important to sit down with a bank lender to get pre-approved for a mortgage. This is an invaluable process, because it essentially sets your budget for you.
Your lender will review every aspect of your finances (your current income, total savings, outstanding debts, credit score, credit history, and assets) to determine how much the bank is willing to lend you. We recommend meeting with at least two to three lenders before making a decision.
Buying a home is expensive, there's no way around it. However, if you do a little planning, you'll discover the costs associated with buying a home aren't as steep as you thought. When you buy a home, here are some of the fees you can expect to pay:
Closing Costs, including an appraisal fee, inspection fee, title insurance, and all the fees associated with the paperwork and logistics of actually paying for your home. You have to pay fees to buy a home, who knew! There's also mortgage insurance, the realtor's commission, property taxes, and homeowner's insurance.
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Property listing data provided by NTREIS multiple listing service.
You may not reproduce or redistribute this data, it is for viewing purposes only. This data is deemed reliable, but is not guaranteed accurate by the MLS or NTREIS.
This data was last updated on: 09/21/20 02:02 PM.
A full data refresh was last performed on: 09/19/20 05:01 PM.
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