Ranked at the top of Reli-AI net migration ranking, the Dallas Metro area is one of the hottest real estate markets in the US.
With almost half a million new resident in the past 5 years, Dallas Metro present.
Combining a well-established economy, academic institute, cultural life, business opportunities, jobs and relatively low cost of living cause a population attraction and as a result real estate price rises and a construction boom.
Real estate market — driven by economic growth, opportunities, migration, and population growth, it seems that the Dallas Metro area is not affected by the pandemic. According to zillow ( https://www.zillow.com/dallas-tx/home-values/) Dallas median home value at dec 2021 was $ 293K, an increase of about 79% compared to dec 2015.
In this article we will review the key indicators that are driving Dallas Metro area real estate prices. And analyzed the fastest growing zip codes in the Dallas Metro area.
Key indicators that driving Dallas real estate price.
Population growth and demographic trends– analyze data from the United States census bureau (link: https://www.census.gov/) shows that since 2015 Dallas Metro area has shown population growth of about 9% up to 7.6 M people.
That growth is driven by massive net migration of about 500k people. Analyzing the effect of net migration on the population growth shows that those migrants are 75% of the total population growth, a strong indication of opportunity exists.
Simultaneously with the increase in the population, an increase in the median age can also be seen from 32.7 in 2015 to 35.2 today and it is still lower compared to the national median age — 38.2.
The Foreign-Born Population born population is 18%. higher compared to the national 13.2%. an indication to the level of attraction of the Dallas Metro area.
There’s a small increase in Hispanic and Asian populations.
Education — Academic institutions are an attractive factor of a strong population and a significant factor in the development of the regional economy.
The Dallas Metro area is home for more than 30 academic institutes. In the year 2019 there were 90,078 degrees awarded, 12% more compared to the year 2015.
The biggest universities are:
The University of Texas at Arlington located at zip code 76019.
University of North Texas located at zip code 76203.
Tarrant County College District located at zip code 76179.
Economic developments — according to the Bureau of economic analysis (link) Dallas Metro area GDP at their 2020 was $ 477.02 B with a positive trend of 13% growth since 2015.
Employment — with 3.86M employees and employment growth of 15% since 2015 (total US employees’ growth at the same years was 7%).
The Dallas Metro area presents many jobs and business opportunities. According to us bureau and labor statistics (https://www.bls.gov/regions/southwest/news-release/areaemployment_dallasfortworth.htm)
most of the employees are Professional and business services providers. With color workers.
Median household income has grown by 21% since 2015 to $ 72,265 higher compared to median national household income $ 65,712. Meanwhile, the unemployment rate is at 4.1 (as of February 2021) higher than the national rate that is at 3.%.
zip code in the Dallas Metro area with high demands.
Rapid population growth is a strong indication of demand. From the analysis of the fastest growing codes, a young population is entering trendy areas, such as the artists’ quarter and neighborhoods that allow for a relatively low cost of living.
In addition, the fastest growing areas are those with a high academic population that have been characterized by a significant increase in household income in recent years.
The construction boom allows for relatively low housing costs.
However, it should be noted that in most cases, the increase in population (demand) in the last five years is greater than the increase in housing units in those years (supply).
The ten fastest growing area at Dallas Metro area:
- Zip code 75201 — Arts District
Population (2020) — 17,746
Population growth 5 years trend– 46%
Median age — 31.1 years
Academic population — 14,136 academics. Their rate has decreased by 5% in the last five
Years.
Median household income — $ $97,104
Median household income 5 years trend — 19 %.
Median home value — $ 545,700
Median home value 5 years trend– 16%
Housing units — 11,772.
Housing units 5 years trend — 42%. population growth is faster than the increase in housing units.
Affordability — rent as a % of household income — 22.2%.
2. Zip code 75226 — Deep Ellum
Population (2020): 4,579
Population growth 5 years trend: 28%
Median age: 33.3 years.
Academic population over the age 25: 3,682 academics. Their rate has increased by 1% in the last five years.
Median household income: $ 49,115.
Median household income 5 years trend: — 3.5%.
Median home value: $ 365K.
Median home value 5 years trend: 95%.
Housing units: 2,106.
Housing units 5 years trend: 16%. population growth is faster than the increase in housing units.
Affordability — rent as a % of household income: 28.5%.
rent as a % of household income 5 years trend: 9%.
3. Zip code 75215
Population (2020): 17818.
Population growth 5 years trend: 22%.
Median age: 36.7 years.
Academic population over the age 25: 12,057 academics. Their rate has decreased by 3% in the last five years.
Median household income: $ 30,865.
Median household income 5 years trend: 21%.
Median home value: $ 166K.
Median home value 5 years trend: 13%.
Housing units: 8468.
Housing units 5 years trend: 13%. population growth is faster than the increase in housing units.
Affordability — rent as a % of household income: 31.8%.
rent as a % of household income 5 years trend: 9%.
4. Zip code 75253-
Population — 23,900.
Population growth 5 years trend– 22%.
Median age — 26.8 years.
Academic population over the age 25- 12,760 academics. Their rate has decreased by 1% in the last five years.
Median household income $ 48,174.
Median household income 5 years trend –30 %.
Median home value — $ 249k.
Median home value 5 years trend– 85%.
Housing units — 7,053.
Housing units 5 years trend — 12%. population growth is faster than the increase in housing units.
Affordability — rent as a % of household income — 30.3%. The 5 years trend has shown a decrease of 23%. The mining is that affordability increased.
5. Zip code 75234- FARMERS BRANCH
Population — 37,160.
Population growth 5 years trend– 21%.
Median age — 36.5 years. Trendy area. A young population is entering.
Academic population over the age 25- 25,038 academics. Their rate has increased by 1% in the last five years.
Median household income $ 71,118.
Median household income 5 years trend –25%.
Median home value — 256K.
Median home value 5 years trend — 43%.
Housing units — 13,653.
Housing units 5 years trend — 17%. population growth is faster than the increase in housing units.
Affordability — rent as a % of household income — 24.2%. The 5 years trend has shown a decrease of 9%. The mining is that zip code 75324 became more affordable.
6. Zip code 75210
Population — 8,673.
Population growth 5 years trend– 18%.
Median age — 29.4 years. Trendy area. A young population is entering.
Academic population over the age 25- 5,050 academics. Their rate has decreased by 2% in the last five years.
Median household income $ 28,269.
Median household income 5 years trend –42%.
Median home value — $ 152K.
Median home value 5 years trend– 145%.
Housing units — 3430.
Housing units 5 years trend — 10%. population growth is faster than the increase in housing units.
Affordability — rent as a % of household income — 30.4%. The 5 years trend has shown a decrease of 13%. zip code 75210 became more affordable.
7. Zip code 75219 — Oak Lawn
Population — 25,120.
Population growth 5 years trend– 13%.
Median age — 35.7 years. Trendy area. A young population is entering.
Academic population over the age 25- 21,224 academics. Their rate has increased by 2% in the last five years.
Median household income $ 72,559.
Median household income 5 years trend –17%.
Median home value — $ 377k.
Median home value 5 years trend– 30%.
Housing units — 18,100.
Housing units 5 years trend — 23%. population growth is faster than the increase in housing units.
Affordability — rent as a % of household income — 26.1%. The 5 years trend has shown an increase of 2%. The mining is that affordability increased.
8. Zip code 75203
Population — 17,367.
Population growth 5 years trend– 12%.
Median age — 32.2 years. Trendy area. A young population is entering.
Academic population over the age 25- 11,177 academics. Their rate has increased by 1% in the last five years.
Median household income $ 39,235.
Median household income 5 years trend –29%.
Median home value — $ 216k.
Median home value 5 years trend– 122%.
Housing units — 7,324.
Housing units 5 years trend — 6%. population growth is faster than the increase in housing units.
Affordability — rent as a % of household income — 26.8%. The 5 years trend has shown an increase of 9%. The mining is that affordability increased.
9. Zip code 75233
Population — 17,280
Population growth 5 years trend– 12%
Median age — 32.9 years. Trendy area. Population getting older.
Academic population over the age 25- 10,411 academics. Their rate has increased by 3% in the last five years.
Median household income $ 51,062
Median household income 5 years trend –31%.
Median home value — $ 303k
Median home value 5 years trend– 94%.
Housing units — 5,521.
Housing units 5 years trend — 2%. population growth is faster than the increase in housing units.
Affordability — rent as a % of household income — 32.4%. In the past 5 years the zip code 75233 has become more affordable. Cost of living has decreased.
10. Zip code 75237
Population — 21,423
Population growth 5 years trend– 11%
Median age — 28.2 years. Trendy area. Population getting older.
Academic population over the age 25- 12,234 academics. Their rate has increased by 3% in the last five years.
Median household income $ 29,970
Median household income 5 years trend –8%.
Median home value — $ 261k.
Median home value 5 years trend– 80%.
Housing units — 10,178.
Housing units 5 years trend — 14%. The increase in the number of housing units is higher than the increase in the population, the supply meets the demand.
Affordability — rent as a % of household income — 36.8%. In the past 5 years the zip code 75233 has become less affordable. Cost of living has increased by 7%.
11. Zip code 75236
Population — 18,137
Population growth 5 years trend– 11%
Median age — 28.6 years. Trendy area. Young population getting in.
Academic population over the age 25- 10,278 academics. Their rate has decreased by 2% in the last five years.
Median household income $ 43,279
Median household income 5 years trend –10%.
Median home value — $ 268k.
Median home value 5 years trend– 79%.
Housing units — 6,886.
Housing units 5 years trend — 10%. The increase in the number of housing units is equal to the increase in the population, the supply meets the demand.
Affordability — rent as a % of household income — 28.3%. In the past 5 years the zip code 75233 has become more affordable. Cost of living has decreased at 1%.
Data sources
Reli.AI uses only the latest statistics available and cross-referenced from several leading government sources. We aggregate the data from different information sources, create a large API, and make the information clearly accessible to real estate investors.
