It’s no secret that many Americans see Dallas as a city full of big money – which is true. This city is home to some of America’s most expensive neighborhoods. These neighborhoods should be your go-to places if you have the budget.
However, if you’re looking for an affordable neighborhood in Dallas, staying away from these expensive housing projects will be better. In this article, Maxwell Drever of drever capital management will discuss the five most expensive neighborhoods in Dallas.
5 Most Expensive Neighborhoods to Avoid in Dallas
Dallas’ five most expensive neighborhoods include:
1. Art District
This is one of Dallas’ top-notch neighborhoods, featuring an inviting atmosphere and eclectic vibes. As the name suggests, this neighborhood is popular for its beautiful art and diverse culture. In addition, Art District is home to world-class restaurants and numerous local attractions, such as the Dallas Museum of Art.
However, it’s nearly impossible for low-income families to buy a home in this neighborhood. Art District’s median home purchase price is $2,045,000, and the median price per square foot is $791.
2. Park Cities
This neighborhood is not for you if you have a tight budget. Park Cities features a range of incredible modern homes with access to local amenities. This fantastic neighborhood also features a top-notch shopping mall called Snider Plaza. In addition, Park Cities is home to Kuby’s Sausage House – which is extremely popular for its delicious German food.
Park Cities’ median home purchase price is $1,567,500, and the median price per square foot is $407, making it one of Dallas’ most expensive housing projects.
3. Bluffview
Located in North Dallas, Bluffview has inherited its name from the former Bluffview Dairy. This neighborhood has been established as one of Dallas’ safest neighborhoods, thanks to the Briarwood Crime Watch & Neighborhood Association.
It’s no secret that Bluffview is a thing of beauty. However, it’s still one of the most expensive neighborhoods in the city. The median home purchase price is $1,150,000, with the median price per square foot touching $336.
4. Highland Park
This neighborhood is one of the most prosperous and prestigious areas in Dallas. More specifically, Highland Park is Texas’ most affluent neighborhood and the seventh most affluent in America. This neighborhood is home to beautiful architecture – inspired by Spanish culture.
The average home purchase price in Highland Park is $1,797,000, and the median price per square foot is $469.
5. Lakewood
Located in East Dallas, Lakewood is the cheapest neighborhood on our list. This place is well-known for its picturesque outdoor recreation that attracts a lot of tourists. Lakewood also features numerous historic districts, making it one of Dallas’ rare areas with older homes.
Lakewood’s average home purchase price is $865,000, which is significantly lower than other neighborhoods on our list. Moreover, the average price per square foot is $316.
The Final Verdict
There’s no denying that Dallas is a hub of several fantastic neighborhoods, from Lakewood to the Art District. However, due to their high home costs, it’s extremely difficult for low-income Americans to buy homes in these neighborhoods. Maxwell Drever suggests you avoid the neighborhoods mentioned above if you have a tight budget and are looking for an affordable neighborhood in Dallas.
Worst States for Affordable Housing
Over the past several years, America has been suffering from an affordable housing crisis, making it challenging for nearly twelve million low-income households to find affordable housing projects. It’s no secret that everyone wants to live in big, attractive states and cities. However, sky-high housing costs and inflation make people reluctant to move to these states.
For instance, the most populated cities like New York City and Los Angeles are also the most expensive cities.
5 Worst States for Affordable Housing
The following are the five worst states for affordable housing:
1. Nevada
Nevada is located in the western region. With a population of more than three million, Nevada is the thirty-second most populated state in America. On top of that, Nevada has the highest unemployment rate of around 6.4%, making it one of the worst states to settle in.
In addition to that, Nevada has a shortage of affordable housing projects. The average home purchase price in this state is $445,515. However, the average household income is roughly $60,000.
2. Florida
Florida is located in the southeastern region – between the Atlantic and the Gulf of Mexico. This state has a population of nearly twenty-two million and is home to numerous beaches and other fantastic tourist attractions. Though Florida has a lower unemployment rate (3.2%) than Nevada, it is still challenging for low-income families to live in this state.
Florida has a median home purchase price of $367,175, with the average household income touching $57,703. Also, the cost of living in Florida is high, making it one of the worst states for low-income families to survive.
3. Arizona
Located in southwest America, Arizona is well-known for the Grand Canyon and other natural attractions, such as the Sonoran Desert and the Saguaro National Park. This state has a population of nearly 7.2 million. Moreover, the unemployment rate in Arizona is roughly 3.8%.
The average household income in this state is $61,529, with the average home purchase price hitting $424,544. All these factors contribute to making Arizona one of the least affordable states in America.
4. Texas
This state is located in the South Central region of the United States. With a population of around twenty-nine million, it is the second-largest state by population after California. Like Arizona, Texas has an unemployment rate of 3.8%.
The median household income in Texas is $63,826, and the average home purchase cost is $295,319. Texas is one of the most expensive US states, thanks to its high cost of living.
5. Utah
This state is located in the Mountain West sub-region of America. Utah has a population of nearly 3.2 million and is considered one of the most expensive states to settle in. However, this state has the lowest unemployment rate on our list, with 2.2%.
The average household income in Utah is $74,197, with the average house purchase price touching $555,263.
Ending Note
There’s no denying that states like Florida and Texas are dream places for many Americans to live. However, it has become challenging for low-come families to meet ends in these states over the past several years.