Rental Woes

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

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.

reports

bang for your buck

These are the 10 most affordable ZIP codes for Dallas-area renters

Photo by Jenifer McNeil Baker for Greystar

undefined

Buying a home in Dallas is difficult enough to afford these days, and doubly so if you're already paying high rent on an apartment or a house. But there are 10 Dallas-Fort Worth ZIP codes where renters can get the most bang for their buck, according to a new study by financial services company CashNetUSA.

To find the most affordable ZIP codes to rent in the U.S., analysts compared median household incomes by ZIP code to the average annual rent costs using the Zillow Observed Rent Index. ZIP codes where the average annual rental costs required the lowest percentage of median household income were considered the "most affordable."

Two Dallas suburbs and their ZIP codes specifically stood out in CashNetUSA's ranking of the most affordable ZIPs for renters across the Metroplex: 75013 in Allen (No. 1) and 75033 in Frisco (No. 2).

According to the study's findings, the average monthly cost of a rental in Allen comes out to $1,716.45, and the median annual income of an Allen household is $145,220. Analysts then calculated that the annual rent of a home in the Allen ZIP code only takes up 14.18 percent of a household's median income, which is the No. 1 lowest in Dallas-Fort Worth.

Allen was recently named one of the best small cities to live in, with a scorching hot real estate market to match its thriving popularity and growth.

In Frisco's 75033 ZIP, annual rent costs only represent 14.89 percent of a household's median annual income. The area – which encompasses the Meadow Hill Estates, Preston Highlands North, Christie Ranch, Newman Village, Shaddock Creek Estates, and Collin neighborhoods – has a median household income of $149,525, and average rent costs add up to $1,855.49, according to the study.

Meanwhile, Dallas' own 75214 ZIP code ranked No. 8 in the metro-wide ranking of most affordable ZIPs for renters. This area consists of several established Dallas neighborhoods, including Northeast Dallas, Wilshire Heights, Lakewood, Lakewood Hills, Junius Heights, and Munger Place.

The median annual income for a household in 75214 comes out to $104,583, and the average rental costs $1,669.40 per month. That means annual rent payments account for 19.15 percent of a household's median income, according to the study.

The seven other ZIPs that make up the top 10 most affordable ZIP codes for renters in Dallas-Fort Worth include:

No. 3 – 76248 in Keller
No. 4 – 76085 in Weatherford
No. 5 – 76262 in Roanoke
No. 6 – 75078 in Prosper
No. 7 – 75048 in Sachse
No. 9 – 75077 in Highland Village
No. 10 – 75093 in Plano

Top ZIP codes for renters in the U.S.
CashNetUSA found the No. 1 most affordable ZIP code for renters nationwide is 66224 in Leawood, Kansas, where annual rent only takes a 10.57 percent cut out of a household's median annual income.

Elsewhere in Texas, San Antonio's 78248 ZIP ranked as the No. 4 most affordable ZIP code for renters in the U.S., and the No. 1 most affordable ZIP code statewide.

Two Houston-area ZIP codes – 77401 and 77094 – ranked No. 9 and No. 12 nationally, while Allen's 75013 ZIP code fell two spots behind to claim the No. 14 spot.

frisco suburbs zip codes rent