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Real Estate

Soaring home prices dent Dallas’ chances for Amazon HQ2, according to report tallying quality of life – Dallas Business Journal

A new report ranking housing costs and quality of life puts Dallas in the middle of the pack nationally on a list of the cities competing for Amazon’s new HQ2.

The May 2018 issue of the Housing News Report, published by Attom Data Solutions, ranks the 19 U.S. finalists for Amazon HQ2 on seven factors "impacting housing market health and quality of life for prospective homebuyers and homeowners," the report says.

Raleigh, North Carolina, ranked No. 1, followed by Atlanta, Pittsburgh, Nashville, Austin and Denver. Dallas ranked 11th. Boston ranked dead last and New York ranked 18th.

Median housing prices ranged from $130,000 in Indianapolis to $1.45 million in New York. Dallas’ median price is $284,619 — still a relative bargain, despite price appreciation of 246 percent over the past five years. Dallas led all Amazon HQ2 contenders in appreciation.

The only other Amazon candidate city to hit triple-digit price appreciation was Austin, where prices shot up 114 percent in five years. The slowest appreciation occurred in Montgomery County, Maryland, where median home prices have risen just 8 percent to $400,000 over the past five years.

"Not all Amazon employees have a multi-million dollar budget for buying a home, so Housing News Report looked at median home prices and six other factors affecting housing and quality of life," according to the report.

The factors examined in he report included: fourth-quarter 2017 median home price, five-year home price appreciation, price-to-income ratio (affordability), average school score, crime rate to national average, effective property tax rate, and environmental hazard risk index.

Dallas ranked high on property tax rates, low on environmental risks, and mid-range in price-to-income ratio, schools and crime.

Earlier this month it was reported that Amazon (Nasdaq: AMZN) has visited all of its HQ2 finalist cities, which may indicate the company could be close to making a final decision.

Largest North Texas Homebuilders

Ranked by # of Local New Home Closings in 2016

Rank Business Name # of Local New Home Closings in 2016 1 D.R. Horton Inc. 4,320 2 Highland Homes- Dallas LLC 1,456 3 Lennar Corp. 1,321 View This List

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