Preliminary findings highlight disparity in Dallas between affordable housing, current development
DALLAS - A nationally recognized real estate and urban economics consulting firm BAE Urban Economics presented its Nexus Study preliminary findings to the City of Dallas Housing and Homelessness Solutions Committee on Monday, Oct. 26, 2020.
The study was conducted to identify the relationship between new development and increased affordable housing demand.
Some of study’s key findings include:
Approximately 272,000 households in the city of Dallas are expected to experience housing problems (mainly overcrowding or cost burden) by 2045
80% of the area median income for a single person is about $48,300 per year. For a family of four, the median income is about $68,950
A typical one-bedroom unit built in 2019-2020 is roughly $1,728 per month; to afford that, the average resident needs to make $74,120 per year. The average one-bedroom unit is $1,129, requiring $50,160 in income per year.
Within the city boundaries, the median house sale price is $380,000. The 25th percentile price is $239,000. To afford a $239,000 house, a household needs an income of $71,963 per year
Workers in the fastest growing occupations in the Dallas area currently cannot afford an average one-bedroom unit or the 25th percentile house. Registered nurses ($73,994), waiters and waitresses ($24,282), first-line supervisors of retail sales workers ($48,026), retail salespersons ($27,152), and cashiers ($22,245) are amongst the top five fastest-growing occupations in the Dallas area
In addition to presenting its preliminary findings to the council committee, BAE Urban Economics will get feedback from stakeholders on feasibility issues, finalize the analysis, develop policy options and recommendations for follow-up actions, prepare a draft report, and in December, release a final report.
Note for media: Economic Development and Neighborhood Services Chief Dr. Eric Anthony Johnson, is available for interviews on the Nexus Study and next steps for the City of Dallas. To schedule an interview, please contact Anastasia.firstname.lastname@example.org.
The Housing Nexus Study is an element of the City of Dallas’ Community Transformation Action Roadmap (CTAR) coordinated through the Office of Economic Development and Neighborhood Services.
The CTAR aligns efforts internally and externally across economic development, housing, community development, and public policy, for greater coordination, communication, and engagement with the goal of advancing the City of Dallas’ economic growth and social progress.
BAE Urban Economics, Inc. is a nationally recognized real estate and urban economics consulting firm with over 34 years of experience providing cities and counties with analysis to support housing policy development and implementation. The firm is a leading expert in nexus studies and economic analysis to support affordable housing, having worked successfully to prepare over 300 housing-related studies in the US, including housing elements, affordable housing inclusionary and linkage fee studies, affordable housing and anti-displacement strategies, and residential market studies. BAE has conducted these studies for diverse communities, including New York City, Bloomington (MN), Sacramento (CA), Moab/Grand County (UT), Berkeley (CA), Washington DC, and Los Angeles, where the city anticipates collecting over $100 million per year in affordable housing linkage fees.