Dallas should nurture homeownership | Opinion
Now, density advocates seem to have abandoned the argument that the next generation prefers apartments over single-family homes. In a recentwrote, “News flash: Younger buyers would love to own a home on a nice big lot in a safe neighborhood. They are not buying one for a good reason: They cannot afford it. … Younger Americans are having to delay ownership much later in life.”
What urban planners don’t tell you is that it is not surprising first-time homebuyers are having such a tough time of it because of economics and government policies that advantage apartment developers. They are competing against investment groups, which accounted for 30% of single-family home purchases in 2022. Investors are snapping up these properties to use as short-term rentals, rental houses or apartments.
Regulations that allow short-term rentals and backyard rental houses also work against the availability of affordable homes for first-time homebuyers. A $250,000 home with an added $250,000 backyard rental house raises the price of that home to $500,000, out of the range of many first-time homebuyers.
Investors replacing affordable homes with apartments and rentals makes affordable homes more unattainable for first-time homebuyers and makes neighborhoods less attractive for future homebuyers. When it comes time for young renters to buy a home, they will leave the apartment-infused neighborhoods of Dallas and buy a home in the suburbs.
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