Budgeting news
Dallasites need a staggering $27K hike in salary over last year to live comfortably

Dallasites should have plenty of money left over for fun.
As inflation and the cost of living rise across the U.S., so does the amount of money a resident needs to live comfortably. And North Texas residents are feeling that pinch.
According to an annual SmartAsset report, single adults living in Dallas, Plano, Irving, and Garland require a $91,770 yearly salary in order to live comfortably in 2024.
That represents a jaw-dropping $27,028 jump from the 2023 figures, which said Dallas-Fort Worth residents needed to make $64,742 a year to live comfortably in 2023.
Dallasites need to make a $44.12 hourly wage to lead a comfortable lifestyle and avoid living paycheck to paycheck, says the report, which analyzed 99 major U.S. cities.
The 2024 report also found that for a Dallas-based family of four, the total combined income needed to live a secure lifestyle is currently $208,000.
Breaking down the cost of living in Dallas
SmartAsset gathered data from MIT's Living Wage Calculator to determine the cost of living for a childless adult and for a family of four (two working adults and two children) in the 99 largest American cities.
According to SmartAsset's salary requirement, a childless Dallasite would need to spend $45,885 of their salary on living expenses, $27,531 for discretionary expenses, and put $18,354 toward their savings or debt payments.
Families of four would have to spend $104,444 on living expenses, $62,666.40 on entertainment or hobbies, and put away $41,777.60 into savings or paying down debt in order to live comfortably in Dallas.
It could be worse: Despite residents' growing financial constraints, the income necessary to live in Dallas is still better than the national average of $96,500 a year for singles and $235,000 per year for a family of four, SmartAsset says.
Elsewhere in Texas
Among Texas cities, Austin has the highest necessary income required to live a financially stable life. A single adult living in Austin would need to make $47.96 an hour, or $99,757 a year, to live comfortably. The combined income needed for two adults with two children is $223,891.
Houston was the No. 1 U.S. city with the lowest annual salary required for a single adult to live a comfortable life. Houstonians need to make $75,088 individually to avoid living paycheck to paycheck, or a $36.10 hourly wage, says the report. The combined income needed for two adults with two children is $175,219.
Fort Worth and Arlington surprisingly came in higher than Dallas, requiring a $94,765 salary for single adults, and a combined income of $214,490 for families.
The U.S. city requiring the highest salary to live comfortably is New York. Single adults would need to make an hourly wage of $66.62, or an annual salary of $138,570, to prevent living paycheck to paycheck. And for a family of four, the combined salary needed is $318,406 a year, SmartAsset says.
The full report and its methodology can be found on smartasset.com.