Rental Woes

Want to rent a nice apartment in Dallas? Then you need to make this much money.

This is the income needed to rent a nice apartment in Dallas

West Village in Dallas
Want to live in the thick of it? Expect to pay. West Village/Facebook

It might be normal to complain about the high cost of renting an apartment in Dallas-Fort Worth, but it seems that nationally we're not alone. According to a Zillow analysis done in April, it's darn near impossible to rent a median-priced apartment in most of the 35 largest U.S. metro areas on an income of $15 an hour.

Here's the catch, though: The study uses $15 as the "minimum wage" — inspired by Seattle's decision — when that's not an accurate number in most cities. (In Dallas, minimum wage is still $7.25.) In order for two people to afford median rent here, which is $1,465 according to the April 2015 Zillow Rent Index, they must each make $14.65 an hour.

If you don't want a roommate (or several), you have to make at least $29.30 an hour. This is assuming 40 hours worked a week, for 50 weeks in a year. In terms of annual salary, the magic number in Dallas is $58,600.

The other thing Zillow points out is that these numbers take into account the fiscally responsible advice of not spending more than 30 percent of your monthly income on housing. Of course it is always an option to splash out on an apartment and be frugal in other areas. (Can you really give up dinners out, though?)

Or you could move to Detroit (where an $11.21 hourly wage is needed for two earners to afford median rent), Pittsburgh ($11.24), St. Louis ($11.37), Cleveland ($11.61) or Indianapolis ($11.99).

Unless you plan on raking it in, steer clear of San Jose ($32.87), San Francisco ($31.62), Los Angeles ($24.98), New York ($23.72) and San Diego ($23.30).

Loyal to the Lone Star State? It'll cost you $15.13 an hour for two to rent in Houston, and $16.86 for a pair in Austin. Suddenly Dallas doesn't seem so expensive.

ADVERTISEMENT
Learn More