Rising Home Values in Dallas-Ft Worth Are Making Homeowners 'Equity Rich'
The surge in North Texas home prices during the last few years is making local homeowners richer.Dallas-Fort Worth is one of the top markets in the country where homeowners are equity rich. That means they have 50% or more equity built up in their homes vs. what they owe on their properties, according to a new report by Attom Data Solutions.
The California-based real estate data firm estimates that 39.5% of D-FW homes are considered equity rich. That compares with about 28% of U.S. counties considered equity rich in the third quarter of 2020.
With home sales booming in many areas of the country, the COVID-19 pandemic has had almost no impact on housing values.
“Homeowner equity in the third quarter added another pebble to the pile of markers showing that the U.S. housing market continues to defy the broad downturn in the economy this year,” Attom Data’s Todd Teta said in the report. "Home prices keep rising, boosting the balance sheets of homeowners throughout most of the country. With the foundation under the housing market still shaky as the coronavirus remains a threat, we will continue to monitor closely the various metrics, including equity,” he said. “But as it’s been throughout the pandemic, the market is strong and homeowners remain in a position to benefit.” D-FW area ranks seventh nationally among metro areas with the most equity-rich homes, Attom Data found. It’s also the only Texas market in the top 10. Among major Texas cities, Houston had the smallest share of equity-rich properties at about 31%, according to Attom Data...
