The Housing Market in Irving Today
Irving, Texas is a bustling suburb located in the heart of the Dallas-Fort Worth metroplex. In recent years, the city has experienced significant growth and development, leading to changes in the local housing market. Inventory has tightened as demand for housing has increased, driven by a strong job market and an influx of new residents. Despite this, Irving remains relatively affordable compared to other major cities in the region.
New housing developments are rising downtown and in other popular areas, offering a mix of apartments, townhomes, and single-family houses. These developments cater to a diverse population, from young professionals and families to retirees. While prices have been on the rise, Irving still offers a range of housing options to suit different budgets and lifestyles.
Renting in Irving: What’s Typical?
For those looking to rent in Irving, the average monthly rent for a one-bedroom apartment is around $1,200, while a two-bedroom typically goes for about $1,500. These prices can vary depending on the location, age, and amenities of the apartment complex. Newer developments in popular areas like Las Colinas and Valley Ranch tend to command higher rents.
Rent prices in Irving have been trending upward in recent years, but at a slower pace than in some neighboring cities. Availability is generally good, with a variety of apartment options to choose from. Renters in Irving are a diverse group, including young professionals working in the tech and healthcare industries, families drawn to the strong school system, and seniors looking for a comfortable retirement.
Owning a Home in Irving
The median home price in Irving is currently around $350,000, which translates to an estimated monthly mortgage payment of about $1,800 for a typical buyer (assuming a 20% down payment and a 30-year fixed-rate mortgage). However, the total cost of homeownership goes beyond the mortgage. Property taxes in Irving average around 2.5% of the home’s value, which adds roughly $730 per month for a median-priced home. Homeowners insurance and HOA dues (for those in managed communities) are additional expenses to consider.
While owning a home in Irving is more expensive than renting on a monthly basis, it offers the potential for long-term wealth building and more control over living space. Many families and established professionals choose to buy in Irving for these reasons, as well as for the strong sense of community and high quality of life the city offers.
Renters vs. Homeowners: Who Lives Where?
Irving’s homeownership rate is around 40%, meaning that the majority of residents are renters. This is partly due to the city’s large population of young professionals and transient workers who may not be ready or able to buy a home. Renters are concentrated in the apartment complexes and townhome communities that dot the city, particularly in the Las Colinas and Valley Ranch areas.
Homeowners, on the other hand, are more likely to be found in Irving’s established single-family neighborhoods, such as Coppell and Bear Creek. These areas attract families and older residents who value the stability and space that comes with owning a home. However, rising prices and limited starter home inventory can be barriers to ownership for some, particularly first-time buyers and those with lower incomes.
Here’s what housing costs might look like each month in Irving:
| Expense | Apartment (1BR) | House (Median Price) |
|---|---|---|
| Rent/Mortgage | $1,200 | $1,800 |
| Property Tax | – | $730 |
| Utilities | $120 | $200 |
| Insurance | $15 (renters) | $80 (homeowners) |
| HOA Dues | $50 | $100 |
| Total | $1,385 | $2,910 |
Estimates reflect mid-range properties and average usage.
What’s Driving Costs Up or Down?
Several factors are influencing housing costs in Irving. On the demand side, the city’s strong job market and attractive quality of life are drawing new residents, putting upward pressure on prices. Major employers like ExxonMobil, Citigroup, and Verizon have large presences in Irving, and the city’s central location makes it a popular choice for commuters.
On the supply side, new housing construction has struggled to keep pace with demand, particularly in the single-family home market. Zoning regulations and land availability can be constraints on new development. However, several large apartment and townhome projects are underway, which could help ease rental price growth in the coming years.
FAQs About Housing in Irving
- Is Irving affordable to live in? Compared to other major cities in the Dallas-Fort Worth area, Irving is relatively affordable. However, housing costs have been rising faster than incomes in recent years, which can put a strain on budgets.
- Why are housing prices changing? A combination of strong demand (driven by job growth and population increase) and limited supply (particularly of single-family homes) is pushing prices upward. New apartment construction may help stabilize rent growth.
- How does Irving compare to nearby cities? Irving is generally more affordable than cities like Plano and Frisco, but pricier than some outer suburbs. It offers a good balance of urban amenities and suburban livability.
Making Smart Housing Decisions in Irving
Whether you’re looking to rent or buy in Irving, it’s important to consider your budget, lifestyle, and long-term goals. Renting offers flexibility and lower upfront costs, but owning can provide stability and wealth-building potential. Be sure to factor in all the costs of each option, not just the monthly rent or mortgage payment.
As you navigate the Irving housing market, it may be helpful to consult monthly budget examples for Irving residents to get a sense of what’s affordable for your situation. And for a broader look at expenses in the city, check out our comprehensive guide to the cost of living in Irving.
With careful planning and a clear understanding of your needs and resources, you can find a housing option that works for you in this dynamic and growing city.