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Dallas Introduction
Dallas is the fifth largest city in the United States, and the largest city in the State of Texas. It is located in northeast Texas, approximately three hours west of the border with Louisiana and two hours south of the border with Oklahoma. According to 2005 US Census Bureau estimates, the population of Dallas was approximately 2.3 million people, which represents about 3.9% growth from the population in 2000.
Dallas Housing Styles
Dallas housing comes in an incredibly diverse range of styles, including Craftsman, English Tudor, Georgian, Prairie, Queen Anne, Spanish and Spanish Eclectic, Tudor Revival, as well as urban apartment or loft living. There is something for everyone in Dallas housing.
Notable Dallas Neighborhoods
Some of the more notable neighborhoods in Dallas include:
Dallas Real Estate
2005 US Census estimates indicate that there are approximately 513,000 housing units in Dallas, of which approximately 444,000 are occupied. Of the occupied housing units, 204,000 were owner occupied. The Dallas rate of owner occupancy, 45.9%, was below the national average of 66.9%. Almost 7% (6.7%) of Dallas housing is vacant, of which only a small percentage (4.6%) is for "seasonal, recreational, or occasional use".
Dallas housing is relatively new. Over 70% of Dallas housing has been built since 1960, with approximately half of that built since 1980. Only 28.2% of Dallas housing was built prior to 1960, with very little built prior to 1939. The "typical" Dallas home is 4 to 7 rooms and 2 to 3 bedrooms. Around 10% of Dallas homes are larger with 8 or more rooms and 4 or more bedrooms.
The majority of Dallas housing is heated by utility gas (68.5%). Almost all of the rest of Dallas homes are heated by electricity.
According to year 2005 US Census estimates, the median value of a Dallas owner-occupied home was $120,900, well below the national average of $167,500. 2005 housing values did, however, represent a big increase over 2000 when the median price of a Dallas home was $89,800, which was still below the national average. According to the National Association of Realtors, by the third quarter of 2006, the median price of a Dallas home was $151,300, and the median price for a condominium was $117,800, both below the national average.
64.8% of the owner occupied homes in Dallas have a mortgage. A little over an eighth of these homes (13.3%) have a second mortgage, home equity line, or both. The median monthly housing costs for Dallas homes in 2005 was $1,318, but over 40% had monthly housing costs in excess of $1,500, with two thirds of those with monthly costs in excess of $2,000.
Dallas Property Taxes
The median property tax bill in Dallas was $2,768 as of 2005 Census estimates. The Dallas Central Appraisal District (DCAD) is responsible for appraising Dallas County property for the purpose of property taxes. The governing body (city council, county commissioners, school board) of each taxing entity both sets the tax rates and collects taxes or selects an agency to collect taxes for them. Dallas County collects taxes for the majority of the taxing entities.
Dallas Schools
The Dallas Independent School District, which is independent of the City of Dallas, is the twelfth-largest school district in the United States. The school district serves over 160,000 students. Many Dallas Independent School District schools have received recognition including The School for the Talented and Gifted, which was named the best public school in the United States by Newsweek magazine, and the School of Science and Engineering at Yvonne A. Ewell Townview Center which came in number eight in the same Newsweek survey.
Dallas Economy
Dallas is known for its high concentration of telecommunications companies. The major sectors of the Dallas economy from the standpoint of employment are administrative and support and waste management and remediation service; health care and social assistance; professional, scientific, and technical services; manufacturing; retail trade; and accommodation and food services.
There are eleven Fortune 500 companies that are headquartered in Dallas, the fourth most of any city in the US. The largest private sector employers in Dallas include AMR (American Airlines), Baylor Health Care System, Brinker International Inc., Citigroup, Electronic Data Systems Corp., Lockheed Martin Aeronautics Co., Raytheon, SBC Communications, Inc., Verizon Communications, and Wal-Mart Stores.
The majority of Dallas workers work in management, professional, and related occupations; sales and office occupations; service occupations; construction, extraction, maintenance, and repair occupations; and production, transportation, and material moving occupations (listed by size of employment).
The Census estimate for the median family income in Dallas as of 2005 was $38,717, below the national average of $55,832.
Dallas/Texas Mortgage and Real Estate Organizations
| Category | Value |
|---|---|
| Homes With No Mortgage | 35% |
| With A Mortgage | 65% |
| First Mortgage Only | 57% |
| Second Mortgage or Home Equity Loan | 8% |
| Second Mortgage Only | 4% |
| Home Equity Loan Only | 4% |
| Category | Value |
|---|---|
| Owner Costs as % of Income | 18.1% |
| Median Real Estate Taxes (2000) | $1,442 |
| Category | Value |
|---|---|
| Total Occupied | 451,697 |
| 1-Person Households | 33% |
| 2-Person Households | 28% |
| 3-Person Households | 14% |
| 4-Person Households | 12% |
| 5-Person Households | 7% |
| 6-Person Households | 3% |
| 7+-Person Households | 3% |
| Category | Value |
|---|---|
| Median Year Built | 1971 |
| Median Year Built (Owner Occupied) | 1963 |
| Median Year Built (Renter Occupied) | 1976 |
| Category | Value |
|---|---|
| Using Utility Co. Gas Heat | 71% |
| Using Bottled/Tank Gas Heat | 1% |
| Using Electric Heat | 28% |
| Using Oil Heat | 0% |
| Using Coal | 0% |
| Using Wood Heating | 0% |
| Using Solar Heat | 0% |
| Other Heating | 0% |
| No Heating | 0% |
| Category | Value |
|---|---|
| No Bedrooms | 2% |
| 1 Bedroom | 6% |
| 2 Bedrooms | 25% |
| 3 Bedrooms | 46% |
| 4 Bedrooms | 18% |
| 5+ Bedrooms | 3% |
Rate quotes from multiple lenders for the Dallas area:
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