oh the places you'll go

Dallas surprises as a top 10 housing market for new grads

Housing is one less thing to worry about for college grads in Dallas.

College grads living in Dallas already have a lot on their minds this summer with job searching and career building, but at least they won't have to worry as much about where to put down roots: Dallas is the No. 6 best U.S. market for new graduates in 2024, according to a new report by Zillow.

Zillow compared the rent affordability, job market, and demographics across the 100 largest U.S. metros to determine the best housing markets for recent graduates.

Dallas' real estate market has dramatically improved as a prospect for new graduates since 2023, when it previously ranked No. 25 nationwide in a separate report by ApartmentAdvisor.

The top five housing markets are located in Phoenix, Arizona (No. 1); Albuquerque, New Mexico (No. 2); Colorado Springs, Colorado (No. 3); San Antonio, Texas (No. 4); and Portland, Oregon (No. 5).

Based on Zillow Rentals Data, the median rent price in the city is $2,025 per month. Moreover, the report found Dallas rent prices add up to 31.6 percent of a graduate's annual income. This allows residents the flexibility to explore all of what the city has to offer, or to put money away for a future down payment, says Zillow economic research data scientist Anushna Prakash.

"Zillow's best markets for new grads are great places to kickstart a career and take the first steps of adulthood," said Prakash. "For renters who don't mind a housemate or two, renting a room can help save some extra cash and might even introduce lifelong friends."

Concessions – like a free month of rent or free parking – are another big factor that boosted Dallas' ranking, as nearly half (48.7 percent) of all rental listings in the city offer concessions.

Besides Dallas and San Antonio, Austin was the only other Texas city to make it into the top 10 in the nationwide housing market analysis.

The top 10 housing markets for new graduates in 2024 are:

No. 1 – Phoenix, Arizona
No. 2 – Albuquerque, New Mexico
No. 3 – Colorado Springs, Colorado
No. 4 – San Antonio, Texas
No. 5 – Portland, Oregon
No. 6 – Dallas, Texas
No. 7 – Raleigh, North Carolina
No. 8 – Denver, Colorado
No. 9 – Spokane, Washington
No. 10 – Austin, Texas

The full report can be found on zillow.com.

real estate housing market san antonio dallas austin zillow reports

Real Estate News

Dallas real estate developer pleads guilty to bribing 2 city officials

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Dallas developer Sherman Roberts

Dallas real estate developer Sherman Roberts pleaded guilty on November 12 to conspiracy to commit bribery, according to a release from the U.S. Attorney for the Northern District of Texas Leigha Simonton.

Roberts, 70, who previously helmed City Wide Community Development Corporation, was indicted in December 2020. According to court documents, Sherman bribed two city council members — Mayor Pro Tem Dwaine Caraway and City Council member Carolyn Davis — to support loans and low-income housing tax credits for his apartment projects.

In return for several thousand dollars in cash – plus the promise of future payments after her city council tenure ended – Davis lobbied for Roberts' real estate projects, including Serenity Place, Runyon Springs, and Patriot’s Crossing.

She promoted Serenity Place to the City Housing Committee, demanded other developers also seeking real estate funding withdraw their applications in order to increase Roberts' chances of success, recommended Serenity Place receive a 9 percent low income housing tax credit, and voted to approve a $1.9 million loan from the city of Dallas.

“Right now you and me are making money,” Roberts texted Davis shortly after the vote.

Later, she repeatedly reached out to ask for more money — "just a few dollars" — and he agreed.

Davis and Roberts then met with Caraway to address a problem with the Patriot's Crossing project. In return for several hundred dollars cash and a $2,000 monthly stipend, Caraway agreed to stop the city from issuing a request for proposal (RFP) for the Patriots Crossing project and to deliver the project for Roberts.

“How much is the project worth?” Mayor Pro Tem Caraway asked. “Once you’re successful with this project, don’t forget about me.”

“I won’t forget about you,” Mr. Roberts responded. “That’s where the money is… the money has never been an issue.”

Roberts now faces up to five years in federal prison. He is slated to be sentenced on March 12, 2025.

Caraway pleaded guilty in 2019 to conspiracy to commit honest services fraud and tax evasion and was sentenced to more than four years in federal prison.

Davis pleaded guilty in 2019 to conspiracy to commit bribery concerning an agent of a local government receiving federal benefits, but passed away in a car crash before she could be sentenced.

Roberts was one of three real estate developers charged in connection with the bribery scandal. Devin Hall, the developer behind the Grand Park Place apartment project, pleaded guilty in August 2020. Ruel Hamilton, the AmeriSouth Realty Group executive who backed the Royal Crest housing project, is awaiting retrial on conspiracy and bribery charges.

The Federal Bureau of Investigation’s Dallas Field Office conducted the investigation with the assistance of IRS – Criminal Investigation’s Dallas Field Office. Assistant U.S. Attorney Marcus Busch is prosecuting the case with the help of Assistant U.S. Attorney Donna Max.