Arlington, Texas is home to the Texas Rangers, Six Flags over Texas, and the Dallas Cowboys. The city is considered part of the Dallas/ Ft. Worth metroplex area of Texas. The people in Arlington are friendly and welcoming, and the atmosphere is exciting and lively. The city is growing at a rapid rate, and it is a very affordable place to live. If you are moving to Arlington, you need to be familiar with the areas and neighborhoods, so you will find the best place for your new home. You also need to know the types of mortgages available, so you can choose the best one for you.
Demographics and Median Income of Arlington
The census bureau https://www.census.gov/quickfacts/table/PST045216/4804000 puts the population of Arlington at 388,125. The median household income stands at $51,400. 44.9% of the residents are white, 27.4% are Hispanic, and 18.8% are African American. The unemployment rate stands at 3.6%, which is below the national average.
Median Home Prices in Arlington
The median price of a home in Arlington is $194,500. Home values in the city have risen over the last year, and they are expected to keep increasing. There are about 1,200 homes for sale in Arlington. The real estate market in Arlington is considered healthy. The cost of living and the home prices in Arlington are lower than the nation’s average.
Crime Rates in Arlington
Schools in Arlington
When deciding where to live, the school system is a big factor. The Arlington Independent School district is a recognized district in the state of Texas. In fact, it is considered one of the best districts in the state. The average test scores in Arlington are at 85%. This is 24% higher than the nation’s average. There are 85 public schools and 21 private schools in the city.
Mortgage Options in Arlington
Financing a home is a big decision. Your mortgage will probably be your largest bill each month. You need to know what loans are available to you, so you can make an informed decision about your mortgage. Some of the loan options include:
- Fixed-rate loans: With this mortgage, your rate will stay constant throughout the life of your loan. You can choose a 30, 20, 15, or 10-year term. The shorter the term, the quicker you will pay off the loan, and the more money you will save.
- Adjustable-rate loans: With this mortgage, you will start out will a lower rate; however, after the initial period, your rate could increase, and your monthly payment amounts could increase.
- FHA loans: Backed by the Federal Government, these loans, require low down payments, and you can get approved with a low credit score.
- VA loans: Backed by the Federal Government, these loans are for people who have served in the armed services. No down payment is required.
- USDA loans: Backed by the US Department of Agriculture, these loans are for people who live in certain areas and have lower incomes.
- Conventional loans: These loans have stricter requirements, but you might obtain a lower interest rate.
The economy in Texas, including Arlington, is booming. It is a great place to call home. If you are planning to move to Arlington, research the areas of the city, the schools, and the mortgage loan options. You can then make an informed decision about your future.