Fort Worth addresses housing affordability crisis head-on

Fort Worth, Texas - The pressing challenge of affordable housing has come to the forefront in Fort Worth. Recent data reveals that a median-income family cannot afford a median-priced home within the city's boundaries. In response, city officials have developed an extensive five-year plan, aiming to rejuvenate neighborhoods and alleviate housing cost concerns.

This week, the Neighborhood Services department of Fort Worth, headed by Director Victor Turner, introduced this comprehensive strategy to the public.

"[We’re] right at the doorstep of an affordable housing crisis so we want to be proactive in addressing that and we think this gives us a roadmap to address those concerns," commented Victor Turner, Director of Fort Worth’s Neighborhood Services.

A recent report emphasizes the plan's importance, showing that the city is adding jobs more rapidly than homes. This imbalance is escalating housing prices. Certain neighborhoods, including Stop Six and Poly, have seen home values triple in the last seven years. The report also indicates a 22.8% surge in citywide rent since March 2020.

"The public sector has a role in trying to level the playing field somewhat," Turner added.

There's a growing disparity between income and housing prices. Turner underscores the public sector's essential role in addressing this. The plan proposes multiple initiatives to foster affordability and encourage sustainable growth.

One proposal includes the creation of a land bank to purchase foreclosed properties and aid in developing affordable housing. There's also a focus on bolstering existing programs that support residents in managing their housing expenses. Furthermore, community land trusts are being considered to maintain perpetual affordability for select homes, aiding in the development of stable communities.

The plan's holistic approach showcases the city's dedication to directly addressing affordability issues and assuring a stable future for all inhabitants.

In the Dallas-Fort Worth (DFW) region, skyrocketing housing prices are pushing many families to financial limits. A decade ago, the median home price stood at $150,000. Today, it has surged past $350,000, according to Donna Van Ness, CEO of Housing Channel Fort Worth, making homeownership increasingly elusive for working families.

The Housing Channel Fort Worth, a non-profit entity, offers numerous services to lower-income families in the DFW region, including housing counseling, financial education, and down payment assistance. Regrettably, the organization has noted a decline in class participation, possibly due to climbing interest rates and the increasing challenge of accessing the homeownership sector.

The current housing shortage is intensifying competition, with demand far surpassing supply. Last year, a mere 33% of listed homes were within reach for median income households in DFW, dropping to 11% for lower to moderate-income groups. A fifth of the buyers are investors, offering cash and swift closings, thus having a clear advantage.

Van Ness, however, suggests that potential homeowners consider starting with a more modest home and then upgrade over time. She also stresses the need for local governments to emphasize housing programs and allocate funds accordingly. Fort Worth's mayor has prioritized housing in upcoming budget talks, and Dallas has set aside $200 million for affordable housing in its 2024 bond package worth $1 billion. Although Van Ness doesn't anticipate a significant dip in property values or a return to previous low-interest rates, she advises prospective homeowners to consider investing in regions displaying growth potential.

Credit: NBC DFW, Dallas Metro News