Did you know that Fort Worth was recently ranked as the No. 1 city for first-time homebuyers? Not only that, but it was also recently ranked as the fourth-most prosperous city in the entire United States!
Are you thinking of buying a home in Fort Worth? It’s a great place to live, with plenty of things to do and lots of friendly people. Furthermore, it’s close and connected to nearly everything, including Dallas, Austin, and nearby states.
But before you start looking for houses, you need to get familiar with the cost to buy a home in Fort Worth. In this article, we’ll take a look at the prices for homes in Fort Worth and give you an idea of what you can expect to pay.
Is Fort Worth, Texas a Good Place to Buy a Home?
Texas isn’t called the Friendly State for nothing! People here really are, well, friendly. Outside of that, though, residents of Texas enjoy no state income tax and other favorable perks, including access to some of the best school districts in the state.
The cost of living in Fort Worth is currently lower than the national average, too. While the cost of living usually sits at about 20% lower than the national average, due to recent inflation, it’s gone up slightly.
However, the cost of living in Fort Worth, Texas is still 5% lower than the national average, with home prices being 21% lower than the national average. This means that the cost to buy a home in this area of the Lone Star State is currently super compared to other markets.
And while it’s definitely a buyer’s market right now, purchasing a home in Fort Worth and other areas of North Texas is a great idea.
Trends show that home appreciation in Fort Worth is up 18.4%. This means you might be able to buy now and sell later at a much higher price if appreciation continues to trend the same.
What Is the Average Size of a Home in Fort Worth?
Before we get into the average cost of a property in Texas, let’s talk about the average size of homes in the DFW area. Both Fort Worth and Dallas consistently rank as having some of the biggest homes for their value in the US.
For example, studies from 2021 show that Fort Worth lots average 7,096 square feet. The homes on those lots currently average about 2,593 square feet.
Note that these numbers are combined for both Dallas and Fort Worth, so it’s difficult to pinpoint the exact average for just Fort Worth.
However, the point remains the same: home sizes are bigger in DFW than in most other parts of the country where you’d pay more for what you’re getting. What can you expect to pay? Keep scrolling to find out.
For example, this is slightly larger than the national average of 2,467 square feet. However, it should be noted that the average size of a home can vary greatly depending on the specific location within Fort Worth.
For example, homes in downtown Fort Worth are typically much smaller than homes in suburban areas. Additionally, the average size of a home can also be affected by factors such as the age of the home and the type of construction.
What are some of the best cities near Fort Worth to look at when purchasing a home? Keller is a fantastic option with beautiful homes and great schools. Other cities to look into include Southlake, Arlington Heights, and Wedgwood.
The Average Cost to Buy a Home in Fort Worth in 2022
According to Zillow, the current average home value of homes in Fort Worth is $333,190 (with other sources putting it as high as about $360,000). In line with homes in other markets all across the country, this is 21% higher than it was this time last year.
And, homes are selling super fast in Fort Worth, too. Currently, Redfin reports that, on average, homes sell after just two weeks on the market. You’re also looking at about just over 1,000 available homes to choose from in Fort Worth.
So, competition is tough, which can lead to increased buying costs and competition.
What to Know About Property Taxes in Texas
Did you know that Texas as a state has no property tax? The Texas Comptroller’s office actually doesn’t collect property tax or set tax rates. Instead, they leave it up to local taxing units.
However, you’ll find that residents across the state pay the seventh-highest amount in property taxes. It varies greatly from county to county, though.
Because Fort Worth is part of Tarrant County, you’d want to research Tarrant County property taxes then. Currently, that tax rate is set at 1.94%.
This means that if you purchase a $250,000 home in Fort Worth, you can expect to pay a total of about $4,850 a year in property taxes. This is slightly higher than the national average of $2,775 for property taxes. However, it’s lower than other counties in the state like Harris County, Webb County, and Bailey County.
Do keep in mind that this could vary slightly depending on which city you’re in within Tarrant County as a home in Fort Worth comes with different city rates and school district fees than a home in Arlington, for example.
Outside of that, you’ll also need to consider the mortgage costs of buying your home in Texas. While that doesn’t have much to do with property taxes, it’s a pretty important cost to factor into your home buying budget.
It’s worth pointing out that while Texas doesn’t have state income tax and that’s a massive plus, the Texas general sales tax is 23% higher than the national average, too.
Other Associated Costs of Buying a Home in Fort Worth
Outside of purchasing a home, you’ll want to ensure you’re familiar with the associated costs of living in Texas. This includes transportation costs, the average price of utilities, and the price of groceries and dining out.
After all, those all factor into your total budget for the move and, ultimately, your new life in the DFW Metroplex.
Transportation Costs in Fort Worth
Transportation costs are slightly lower in Fort Worth than they are in other parts of Texas. However, what can you expect to pay monthly for transportation? Well, it depends.
Fort Worth doesn’t have super reliable public transportation unless you live right in the heart of downtown and can take the TRE to work or into Dallas for some food and entertainment.
Average transportation costs, therefore, include gas. Currently, you can get a gallon of gas for about $3.95.
The Cost of Utilities in Fort Worth
Did you know that the cost of electricity in Fort Worth is actually 11% lower than the national average? Now, keep in mind that you’re definitely gonna have to run that AC during the hot summer months. However, it pays off in the long run!
Expect to pay an average Fort Worth residential electricity rate of about 12.8 ¢/kWh. How much can you expect to use? It really depends on the month as the weather varies wildly in Texas.
However, the average homeowner uses about 1,068 kWh per month. So your gas and electricity bill would come out to, on average, about $136 each month. Not bad.
The Cost of Groceries & Dining Out in Fort Worth
Now, what about entertainment? The cost of dining and groceries is pretty affordable in Fort Worth, too.
For example, the average cost of dining out for two is about $35-40 without drinks. Add a cocktail onto that bill in a fancy club in downtown Fort Worth and your bill goes up about $10-15. However, you can find cheaper drinks and eats in places all across the metroplex.
Don’t Forget About Moving Costs
When thinking about the cost to buy a home in Fort Worth, be sure to factor in the costs of moving everything to your new DFW home! We know, that can feel like just one more thing to have to worry about.
However, with Old World Movers, we take the stress out of moving for you. We are committed to providing outstanding customer satisfaction and premium service to our clients before, during, and after each move.
To inquire about our packing or moving services in Fort Worth and to receive a FREE quote, call us at 817-618-1557. Or, email us with information or questions about your upcoming move.
