Fort Worth Real Estate
April 7, 2008
Fort Worth is a city that believes in planning ahead, and they have had a growth plan in place for over a century. As time passes, the plan is updated to meet the needs of the city, and now they enter their newest phase – a five year plan with some very specific goals in terms of growth and development.
Key Goals for Fort Worth
Fort Worth Real Estate goals entering 2008 include the increase of supply and quality of affordable housing, to expand home ownership opportunities, to revitalize existing Fort Worth neighborhoods, and to create mixed income communities where a certain percentage of housing is available to low or median income families.
The Berry/University neighborhood is a prime example of such a mixed income neighborhood, where 10 percent of the units will be available to families whose incomes are at or below 80 percent of the median income.
Housing Affordability
The affordability of Fort Worth Real Estate is affected by several factors: construction costs, land values, interest rates, and market demand. In recent years, lower mortgage interest rates have made home ownership in Fort Worth a reality for low income and low middle income families.
In general, Fort Worth homes are more affordable than homes in the neighboring city of Dallas or in the nearby community of Arlington. In the first half of 2007, one third of the homes sold in Fort Worth cost $140,000 and up.
There is a limited supply of high-end housing in Fort Worth to serve upper income households, and only a limited number of very high-income buyers.
The City of Fort Worth anticipates a large amount of growth in the coming years, and wants to do everything it can to keep housing affordable and neighborhoods intact in those years of expansion and development.
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Affordability and an area focused on future growth is always a plus!
yes affordability is a key factor, including property taxes. Wish our local officials would get that message.
and of course finding the right finance