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North Texans are a proud bunch, and now some of them can back up their hometown with hard facts.
Frisco is the best place to buy a home, according to a list published late last month by WalletHub, a personal finance website. McKinney was ranked # 4, while Denton and Allen were ranked 5 and 6, respectively. Their neighbor to the south, Austin, was named second first.
WalletHub compared 300 cities nationwide based on the local real estate market as well as the economic environment and affordability. Frisco took first place in both measures.
Frisco Mayor Jeff Cheney said there are many factors that contribute to why Frisco is such an appealing travel destination: The school district is great, and it’s a safe community, and there are many amenities.
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“It’s new and clean, well planned and thought out, and I think it’s becoming a natural destination for people, and we’re seeing that,” Cheney said.
“We are only seeing the relocation of jobs to this market, the relocation of companies. This is one of the hottest markets for this type of move in the whole country, ”he continued.
Construction in Frisco is moving at a rapid pace, Cheney said, adding that they are running out of land. It also makes sense that other cities in North Texas are on the list, especially given their proximity to airports, high standards of living, and unique communities.
Denton City Councilor Deb Armintor said her town is a wonderful place to live for people who can afford it. Although the price is reasonable when compared to similar U.S. cities, she says many Denton residents struggle to maintain their homes amid stagnating wages and ever-increasing cost of living.
While Armintor takes pride in Denton gaining recognition, she argues that it’s important that people know that many are still struggling to get through. For them, buying a home is currently impossible, she said.
“We lose the great thing about Denton when the people who make Denton great – the artists, musicians, the service industry – can’t afford to be here. So that’s a real concern for me, ”she said. “So my question is, when is Denton the best place to buy a home – for whom?”
The Dallas-Fort Worth area is booming, said Marc Moffitt, associate professor of real estate at G. Brint Ryan College of Business at the University of North Texas. The region is ideal for companies as it has a highly talented and highly sought-after workforce made up of a diverse group of talents.
The cities in northern Texas that made the list all have major highways and offer residents great work-life balance, Moffitt said. Certain cities with good infrastructure are prime and ripe for development and growth.
“Right now there just isn’t enough property for sale.” – Professor Marc Moffitt
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Moffitt called it the “Land of Opportunity” and said that Texas today is comparable to California in the 1960s. Companies are moving to the Lone Star State in part because it “costs a lot less to start and it costs a lot less to go broke,” he said.
Also, about 1,000 to 1,500 people from other states move to Texas every day, he said.
“Every single one of these people who move here needs a place to live,” said Moffitt. “If you don’t deliver an additional 1,000 to 1,500 apartments for these people every day, your supply will be devoured.”
To derail that trend, a global economic event or significant interest rate changes would have to occur, he said. Still, Texas would be more resilient than other markets nationwide.
“Right now there just aren’t enough homes to sell and there are a lot of buyers trying to compete for housing,” Moffitt said. “As long as this imbalance persists, you will continue to see what we call a seller’s market. And I’m not assuming that this will change in the near future. ”
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