getting rich in Dallas

New report reveals how much money you need to be wealthy in Dallas

Dallas residents have an exact figure in mind when they calculate the good life.

Photo courtesy of Briggs Freeman Sotheby’s

Take a stroll through areas such as University Park and Highland Park — named one of the richest communities in America — and one thing becomes clear: the Dallas area is home to vast wealth. But just what is required to be considered wealthy here? A new report reveals the exact figure Dallasites believe it takes to be rich or financially comfortable.

Dallas residents say it takes a net worth of $2.4 million to be considered wealthy and $1.3 million to feel financially comfortable, according to data released by Schwab’s Modern Wealth Index. Both numbers are almost the same as the respective national averages of $2.4 million and $1.4 million — and also just below the amounts that Houston residents reported: it takes $2.5 million to be wealthy in Houston and $1.5 million to feel financially comfortable.

About 750 Dallas-area residents participated in Schwab’s assessment, which scores participants on how well they manage their money and investments across four factors: goal setting and financial planning, saving and investing, staying on track, and confidence in reaching financial goals.

Valuations in the study include being able to pay bills on time and still save, have life insurance, feel financially stable, have an emergency fund, and living paycheck to paycheck.

Planning equals wealth
The stark reality is that nearly three in five Dallasites say they live paycheck to paycheck; only one in four have a written financial plan, according to data. The report notes a connection between planning and positive investing and saving behavior. The Schwab Index found that 76 percent of respondents who plan are able to pay their bills and save each month — compared to 35 percent of non-planners.

Planners are also more likely to stay engaged with their investments, be aware of the fees they are paying, and have confidence about reaching their goals.

“When we look at the top overall performers in our Modern Wealth Index, there’s a consistent theme that they’re planners,” Julie Lambert, branch manager at the Charles Schwab branch in Plano, says in a release about the report. “Planning is critical to achieving any goal. It’s like a roadmap — it forces you to develop a realistic and informed perspective on where you are, where you want to go, and how to make the best use of your resources to get there.”

Among those without a written plan, 45 percent say it’s because they don’t think they have enough money to merit a formal plan — the top roadblock according to Schwab’s study. Nearly a quarter say they wouldn’t know how to go about getting a plan and another 21 percent say getting a financial plan simply never occurred to them.

“The idea that financial planning and wealth management are just for millionaires is one of the biggest misconceptions among Dallas area residents, and Americans overall,” says Lambert. “Whether people think they don’t have enough money, believe it would be too expensive, or just find the whole concept too complicated, the longer they wait the harder it is to achieve long-term success.”

(Not) all about the money
Dallasites aren’t exactly materialistic, the Schwab survey finds. Locals described being wealthy as living stress-free/having peace of mind, being able to afford anything they want, and having loving relationships with family and friends.

In ranking their top ways to feel wealthy in their day-to-day lives, Dallas residents most value spending time with family (62 percent of respondents), having time to themselves (53 percent), owning a home (51 percent), dining out/getting meals delivered (36 percent), and enjoying subscription services like cable TV and music streaming (25 percent).

Other things that make people feel wealthy in their daily lives include owning the latest tech gadgets (25 percent), grooming and pampering experiences like massages and manicures (24 percent), and driving a luxury car (20 percent).

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family values

Dallas sees Texas' biggest one-year jump in cost of raising kids

Courtesy of SmartAsset/iStock

Raising a child in Dallas will cost parents over $23,000 this year.

Raising a child is not an easy or inexpensive feat, and a new study has determined Dallas parents are saddled with the second-highest costs for childrearing in Texas, with expenses jumping higher than any other metro statewide since 2025.

SmartAsset's latest report, "Cost of Raising a Child in Major U.S. Metros – 2026 Study," calculated year-over-year changes in the annual cost of raising a child (factoring in childcare, additional housing costs, food, transportation, medical costs and other necessities) in the 48 largest U.S. metro areas. MIT's Living Wage Calculator was used to compare the living costs of a household with two working adults and one child to that of a childless household with two working adults.

Childrearing costs in Dallas-Fort Worth have grown 4.5 percent since last year, totaling $23,340 for a family of three in 2026. That's over $1,000 more than what it took to raise a child in 2025, and it's $1,414 higher than what it took in 2024.

This is how SmartAsset broke down the cost for raising a child in Dallas:

Cost of childcare: $10,736
Cost of food: $1,826
Other expenses: $10,778

Though Dallas has the second-steepest costs for raising a child in Texas, the metro is actually much more affordable than most other places in the U.S.: DFW ranked 39th in SmartAsset's national list of cities with the highest childrearing costs in 2026, making it the 10th most affordable U.S. metro for raising a family.

San Francisco-Oakland-Fremont in California topped the list with the highest childrearing costs in the U.S., at $43,171. The cost for raising a child in this California metro soared nearly 11 percent higher since last year.

Memphis, Tennessee ranked dead last as the most affordable U.S. metro for raising a child in 2026. Families will spend less than $20,000 to raise a child in Memphis, only 3.24 percent more than what was needed in 2025.

Raising a child in other Texas metros
It may come as no surprise that Austin is the most expensive place to raise a child in Texas, and it appeared as the 31st most expensive U.S. metro for families. Parents will spend nearly $25,000 to raise a child in the state's capital city, which is $703 higher than it was a year ago.

Meanwhile, San Antonio-New Braunfels is the most affordable metro in the Lone Star State for raising a family, and it's the third-most affordable place for raising a child nationwide. San Antonio parents will spend $21,393, or $448 more than last year, on their childrearing costs.

Houston also ranked among the top 10 most affordable U.S. metros for raising a child, landing in 7th place nationally, with childrearing costs adding up to $22,605 in 2026. That's only $737 more than last year.

The top 10 most affordable U.S. metros for raising a child in 2026 are:

No. 1 – Memphis, Tennessee ($19,922)
No. 2 – Nashville, Davidson-Murfreesboro-Franklin, Tennessee ($21,216)
No. 3 – San Antonio-New Braunfels ($21,393)
No. 4 – Birmingham, Alabama ($21,684)
No. 5 – Virginia Beach-Chesapeake-Norfolk, Virginia ($22,314)
No. 6 – Atlanta-Sandy Springs-Roswell, Georgia ($22,470)
No. 7 – Houston-Pasadena-The Woodlands ($22,605)
No. 8 – Richmond, Virginia ($22,658)
No. 9 – Louisville/Jefferson County, Kentucky ($23,270)
No. 10 – Dallas-Fort Worth-Arlington ($23,340)

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