When it comes to real estate investing, it is absolutely essential that you know as much as possible about the local real estate market in which you are investing. More often than not, we take state statistics and assume that making investment decisions off of these numbers can help improve our chances of making smart investments. However, in order to make informed real estate investing decisions, we must look at the local real estate markets.
A recent Dallas, Texas real estate market infographic illustrates this point perfectly. You can see how the city of Dallas stacks up to the Lone Star State when it comes to everything from household income to home prices.
In regards to size, Dallas makes up a mere 5% of the state’s population. There are 25.9 million people living in the great state of Texas, and 1.2 million of those live in Dallas. With an average household income of $55,546, Dallas’s average income is higher than the number seen at the state level ($49,816). Similarly, the unemployment rate for the state of Texas sits at 7.1%, while Dallas’s unemployment rate is higher (7.5%).
These same differences can be seen (even more so) when you look at the real estate market. A statewide look tells us that Texas home prices are an average of $174,900 with 1 in every 1,336 homes being foreclosure upon. In comparison, Dallas home prices come in at $81,400 with only 1 in every 3,233 homes undergoing foreclosure.
This information reiterates the importance of looking at the local real estate market instead of relying upon state statistics when making investment decisions. Overall, home prices in Dallas are lower and the number of homes in foreclosure is always lower, while the unemployment rate is slightly higher. When it comes to real estate marketing investing, knowing the facts can help you make smarter investment decisions.
Infographic created by bankforeclosuressale.com
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