All homebuyers have their own ideas about what they are looking for in their new house, but there seem to be four general requirements on the minds of almost all of the homebuyers with whom I work.
Typically the number one item mentioned is top notch schools. This is followed by "safe" and "nice" place to live requirements. Rounding out the list of general requirements is a reasonable probability of seeing at least some level of property appreciation.
These then were the requirements that determined the criteria for identifying which of 68 towns and cities within the Dallas / Fort Worth metroplex are the best places to buy a home. Other factors more related to the needs of a specific individual or family that would be considered in a best places to live analyses were purposefully excluded from the criteria used for this particular evaluation.
Top 10 cities/towns to buy a home in DFW metroplex
per 1,000
residents
|
per 1,000
residents
|
(people
per sq. mile) |
1 |
Southlake |
2.6 |
0.5 |
22.7 |
95.8% |
1,146 |
3.2% |
2 |
University Park |
3.0 |
0.8 |
19.7 |
68.5% |
6,274 |
5.9% |
3 |
Colleyville |
2.5 |
0.4 |
13.1 |
96.6% |
1,675 |
3.2% |
4 |
Argyle |
2.7 |
0.0 |
9.5 |
92.0% |
271 |
2.7% |
5 |
Highland Village |
2.4 |
0.8 |
5.5 |
96.8% |
2,278 |
1.9% |
6 |
Flower Mound |
2.4 |
0.6 |
12.0 |
92.9% |
1,402 |
1.8% |
7 |
Double Oak |
2.2 |
0.3 |
4.4 |
98.7% |
1,029 |
2.7% |
8 |
Trophy Club |
2.0 |
0.4 |
10.2 |
88.6% |
1,725 |
6.0% |
9 |
Coppell |
2.6 |
0.7 |
20.8 |
77.2% |
2,675 |
1.3% |
10 |
Keller |
2.1 |
0.7 |
15.0 |
92.7% |
2,041 |
1.7% |
Other DFW cities and towns included in this analysis were Addison, Allen, Anna, Arlington, Azle, Balch Springs, Bedford, Benbrook, Burleson, Carrollton, Cedar Hill, Celina, Corinth, Dallas, Denton, DeSoto, Duncanville, Euless, Fairview, Farmers Branch, Fort Worth, Frisco, Garland, Glenn Heights, Grand Prairie, Grapevine, Haltom City, Heath, Hickory Creek, Highland Park, Hurst, Irving, Lake Dallas, Lancaster, Lewisville, Little Elm, Lucas, Mansfield, McKinney, Melissa, Mesquite, Murphy, North Richland Hills, Parker, Plano, Prosper, Richardson, Richland Hills, River Oaks, Roanoke, Rockwall, Rowlett, Sachse, Saginaw, Sunnyvale, The Colony, Watauga and Wylie.
Methodology
Four factors were considered for determining which DFW metroplex cities and towns are the best places to buy a home: education, safety, desirability and property appreciation. Each city/town included in the study was measured against six evaluation criteria that were selected to reflect these four factors. Within each evaluation category, the top rated city/town was awarded the maximum points allocated to that category and bottom rated city/town received zero points. All other cities/towns were awarded a proportional number of points based on how their individual scores compared to the score of the top rated city/town. Scores from all six evaluation categories were then added together for each city/town and then divided by the total possible points to arrive at an overall total score.
Crime statistics were not available or only partially available for five cities/towns: Fairview, Highland Park, Lucas, Murphy and Sunnyvale. While these cities/towns received no points or only partial points in the safety categories, the total possible points for each of these cities/towns also were reduced accordingly.
Education: 100 points
Based on the Texas Education Agency 2006-2007 accountability ratings of the public schools by attended students in a city/town. Campuses with an exemplary rating were awarded three points, a recognized rating merited two points, an academically acceptable rating was given one point and an academically unacceptable rating received zero points. Total points for all campuses attended by students in the city/town were then divided by the number of campuses serving the city/town to arrive at average campus accountability rating. Sources: Texas Education Agency and North Texas Real Estate Information Systems.
Safety: 50 points
Based on Federal Bureau of Investigation 2006 statistics for eight crimes: murder and negligent homicide, forcible rape, robbery and aggravated assault (violent crimes), and burglary, larceny-theft, motor vehicle theft, and larceny (property crimes). Thirty points were allocated to violent crimes and twenty points were allocated to property crimes. Source: Annual Uniform Crime Report.
Desirability: 50 points
Based on percentage of owner occupied homes and population density. The city/town with the highest percentage of owner occupied homes was awarded forty points. Cities/towns with a population density of more than than 1,000 residents per square mile and less than 2,500 residents per square mile received ten points. The logic employed in awarding points in the population density category was that cities/towns with less than 1,000 residents per square mile are less likely than more densely populated cities/towns to have the neighborly feel or the shopping and other similar amenities desired by most homebuyers. Cities/towns with population density in excess of 2,500, on the other hand, are often perceived to have significant traffic and other similar problems and feel somewhat crowded. Sources: U.S. Census Bureau (2000 census) and North Texas Regional Council of Governments (2007 population estimates).
Property Appreciation: 25 points
Based on the difference between the weighted average price per square foot of MLS-listed existing single family homes sold in 2006 and 2007. Source: North Texas Real Estate Information Systems. |
