$53,055 is the median annual household income in the city of Arlington, Texas.
$197,800 is the home value in the city of Arlington, Texas. 9.3 percent is the amount the worth of houses in Arlington has increased in the last year. It has been forecasted that in the following year, the home value will increase 9.2 percent.
This kind of increase in the value of homes makes it very difficult for many of those who wish to purchase a home to enter the housing market. This is especially so for young people new to the work force and who do not have a big income or much savings.
The list cost median is $121 In Arlington, per square foot. The Metro Area of Dallas-Fort Worth-Arlington has a higher per square foot list cost median of $137.
For houses listed presently in Arlington, $240,000 is the cost median. $198,800 is the cost median for homes that have already been sold.
In Arlington, $1,550 is the rent cost median. Dallas-Fort Worth-Arlington Metro Area has a rent cost median which is higher. It’s $1,695.
Pertaining to the real estate economy, the foreclosure rate is important. The higher the foreclosure rate, the lower the home value. The lower the foreclosure rate, the higher the home value.
For each 10,000 homes in the city of Arlington, 0.1 percent of homes go through foreclosure. The Metro Area of Dallas-Fort Worth-Arlington has higher foreclosure rate of 0.5 percent.
1.4 percent is the percentage of mortgage delinquencies in Arlington, TX. The nation has a lower mortgage delinquency rate of 1.1 percent.
The recession of 2008 had very negative consequences for the economy of the real estate market as well as the economy of the United States. One of the consequences was that the home value dropped more than 20% in the United States.
And this has caused a lot of homeowners to presently be underwater in regards to their mortgage. Being underwater on a mortgage means the homeowner has a bigger mortgage debt than the value of their home.
In Arlington, 3.9 percent of home owners are now experiencing being underwater on their mortgage. The Dallas-Fort Worth-Arlington Metro Area has a higher underwater rate which is 4.4 percent.
Being underwater on a mortgage is a very negative experience. This especially holds true for families who are having a hard time paying bills, but yet need to sell their homes.
The problem is that being underwater means that the homeowner is likely going to have to pay the bank money in order to sell their home. On top of that there are expenses for selling a home, which could be pretty steep. And there is also the cost of moving.
Moving on to commercial real estate, we are going to look a little at the industrial building market in Dallas-Fort Worth in which Arlington is part of.
Importantly, the industrial building market in Dallas-Fort Worth is like a Ferrari firing on all cylinders. There is nothing that indicates a slowdown.
In the Dallas-Fort Worth area, in the third quarter, 19 million square feet of warehouse space was under construction. This is such a large amount of space that it equals around 12 skyscrapers located in downtown Dallas.
The pipeline of total current warehouse construction is so large, that it is greater than the combined remainder of Dallas-Fort Worth’s commercial construction.
Cintas, a uniform company and Leer, a vehicle accessory firm in the industrial District of the Great Southwest as well as VistaPrint that is located in southern Dallas, have some of the biggest leases of D-FW warehouse real estate in the third quarter of 2018.