Rising housing costs: DFW residents put in a squeezeRising housing costs: DFW residents put in a squeezehttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=128962016-04-19T05:00:00Z2016-04-19T18:45:00Z

​​​DALLAS-FORT WORTH - Builder Green Extreme Homes is about to convert an empty Garland office building constructed in 1973 into a 129-unit apartment community called City Square Lofts.

“Our affordable developments serve veterans, families and seniors making 60 percent or less of the median income,” said Green Extreme Homes’ Jean Brown. “This is a mixed-income development—70 percent affordable and 30 percent market rate. “

The tax-credit project will be completed in summer 2017, but don’t be surprised if it’s fully leased by the time the doors open.

With home costs and apartment rents in North Texas at record high levels, more and more residents are struggling to pay for the roof over their heads.

Dallas apartment renters paid an average of $1,083 a month in February, according to research firm Axiometrics. 

That’s $58 a month and almost 6 percent more than they spent a year earlier on rents.

While there are about 40,000 apartments being built in North Texas, rents on new units are even more—above $1,200 a month on average.

Almost 43 million U.S. households now live in rental housing, an increase of 9 million in the last decade.

Currently the cost of housing in the DFW area is growing at a multiple of the increase in median incomes. Median home prices have shot up more than 30 percent since the recession.
Dallas Morning News
Dallas-Fort Worth-Arlington

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