income growth news
This is how much Dallas household income increased in a year
Dallas' median household income didn't keep up with the national median, SmartAsset found.
A new income study by SmartAsset examining the one-year change in income for households in the country's biggest cities has determined Dallas had the 25th biggest increase in median income nationwide from 2023-2024, at 5.99 percent.
Last year, Dallas households earned $74,323 in median annual income, compared to $70,121 in 2023.
SmartAsset's just-released report, "U.S. Cities With the Highest Income Growth," also tracked the changes in senior and family household income across the 50 most populated U.S. cities from 2023 to 2024. Data was sourced from the U.S. Census Bureau's 1-Year American Community Survey from the last two years.
Tampa, Florida had the highest growth in its residents' household income nationwide, at 15.46 percent. Tampa households earned a median $72,851 in annual income in 2023, and that figure increased to $84,114 in 2024.
The national median household income grew 1.3 percent to $83,730 in 2024, the report additionally found. That's $9,407 more than what the median Dallas household made last year.
"This means many households did not keep pace with the roughly 3% inflation rate during the same time period, but that was not true everywhere," the report's author wrote. "Especially in large cities where residents often pay a premium for convenience, infrastructure and amenities, the change in household income swung vastly, in some cases reaching double-digit growth, or even negative growth."
Dallas families saw their median annual income increase 11.16 percent year-over-year to $76,837 in 2024. That's still enough to be labeled "middle class" in 2025, but it's a far cry from the salary needed to earn a comfortable living. SmartAsset's separate study determined that the annual income for a family of four to live comfortably in Dallas adds up to $213,741.
The median senior household income in Dallas rose 6.38 percent from 2023-2024. Dallas seniors made $57,100 in annual income last year, the report said, or $3,424 more than what they earned in 2023.
Income changes across Dallas-Fort Worth
Arlington ranked ahead of Dallas to claim No. 12 in SmartAsset's list of U.S. cities where income grew the most. Arlington's median household income jumped 7.48 percent from 2023, and residents made a median household income of $74,388 in 2024.
The city's financial prosperity likely comes from its senior population, whose income skyrocketed 19.18 percent during the one-year period. Arlington senior households that were earning $58,600 in 2023 saw their income jump to $69,838 in 2024.
Arlington's family household income also got a 17.85 percent boost during the same period. Families that made $66,607 in annual income in 2023 subsequently made $78,499 the following year.
"Changes in incomes across a city can lead to different dynamics on local demand for businesses, job markets, and even have implications for how new tax legislation will affect residents," the report said.
Over in Fort Worth, the city's household income rose 7.03 percent from 2023-2024. Fort Worth households brought home a median $82,503 last year, or $5,421 more than their 2023 median annual income.
This is how Fort Worth's median senior and family household income grew during the one-year period:
- Senior income growth rate: 5.23 percent
- 2024 senior household income: $56,340
- 2023 senior household income: $53,540
- Family income growth rate: 9.33 percent
- 2024 family household income: $100,426
- 2023 family household income: $91,859
