Time For a Raise

How much more money you need to earn in 2024 to afford a home in Dallas

You'll need to save a lot more than change.

Of all the things that have changed since the coronavirus pandemic began in 2020, one of the most drastic is the residential real estate market.

In 2020, according to a new report from real estate company Zillow, a household earning $59,000 annually could comfortably afford the monthly mortgage on a typical U.S. home, spending no more than 30 percent of its income with a 10 percent down payment.

That was below the U.S. median income of about $66,000, meaning more than half of American households had the financial means to afford homeownership.

Now, the average U.S. home shopper needs to make more than $106,000 to comfortably afford a home.

That's a difference of more than $47,000 in just four years. Or, put another way, the income needed to comfortably afford a home is up 80 percent since 2020, while median income has risen just 23 percent in that time.

In Dallas, it's even more expensive. As of January 2024, Zillow has calculated $121,398 as the necessary income benchmark for home affordability here.

That's an increase of $53,679 from 2020, using Zillow's Home Value Index to estimate the typical Dallas home price of $366,690.

Assuming a 10 percent down payment, Zillow's monthly mortgage payment in Dallas hovers around $2,340 (compared to the U.S. average of $2,188).

The monthly mortgage payment on a typical U.S. home has nearly doubled since January 2020, up 96.4 percent. Home values have risen 42.4 percent in that time, with the typical U.S. home now worth about $343,000.

Mortgage rates ended January 2020 near 3.5 percent, keeping the cost of a home affordable for most households that could manage the down payment. At the time of Zillow's analysis, mortgage rates were about 6.6 percent.

Austin has also soared past the $100K mark to $149,267 needed in income for a $2,880 monthly mortgage on a $451,322 home.

Houston is on the "affordable" side of the report, with a yearly income of $95,374 necessary to afford a $300,955 home, paying $1,920 monthly after 10 percent down.

San Antonio is also nearby on the list: You'd need to earn $95,767 yearly to afford a $283,161 home, paying only $1,807 a month.

California, not surprisingly, requires the highest incomes: San Diego ($273,613) and Los Angeles ($279,250) seem downright cheap compared to San Francisco ($339,864) and San Jose ($454,296), where the latter will expect you to plunk down nearly $1.5 million for a home and pay almost $10,000 a month in mortgage.

Seattle and New York round out the eye-popping top of the list, while Pittsburgh, Memphis, Cleveland, and New Orleans are deemed the most affordable. Only Pittsburgh is close to 2020's numbers, requiring $58,232 in income for a $1,286 monthly mortgage.

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RIP, Henry

Dallas real estate visionary Henry S. Miller III dies at 79

Photo courtesy of Henry S. Miller

Henry S. Miller III died February 28 at the age of 79.

Henry S. Miller III — part of an iconic multigenerational Dallas real estate family and the visionary developer behind West Village — died February 28 of health issues. He was 79.

Born November 16, 1946, to Juanita and Henry S. Miller Jr., Miller grew up in a real estate legacy that began with his grandfather in 1914 and made the name “Henry S. Miller” synonymous with Dallas. Miller helped shape modern Dallas development while maintaining a strong emphasis on neighborhood-scale retail with West Village, a concept ahead of its time.

Long before mixed-use, walkable districts became common in North Texas, Miller erected an urban village in Uptown where shopping, dining, and residences came together to create a place to live and play. West Village opened in 2001.

“He envisioned a dense, walkable urban village where streets and plazas were alive with people, shops, restaurants, and residences — a neighborhood that blended modern city living with a human scale rarely seen in Texas at the time,” the family announcement said.

Walkability was a concept that didn’t exist in Dallas then. The approximately 400,000-square-foot development introduced a dense, walkable model that integrated retail, restaurants, multifamily housing, and public plazas at a time when Dallas development was still largely auto-centric. West Village became a template for later mixed-use projects across the region.

His family says Miller was incredibly hands-on throughout the project, working alongside co-developers, architects, planners, and community stakeholders. He viewed the development not simply as a commercial venture but as a long-term contribution to the city’s evolving urban fabric.

Henry S. Miller III Henry S. Miller, Jr (left) with Henry III on the roof of Highland Park Village, circa early 1980's.Photo courtesy of Miller family

Miller also played a key role in the evolution of Highland Park Village. His father and family purchased the historic shopping center in 1976. Henry III and his father led a re-tenanting and revitalization of Highland Park Village that elevated its national retail profile while maintaining its neighborhood identity.

With his connections in fashion retail, Miller helped Highland Park Village attract luxury brands such as Prada, which did not yet have a retail presence in Dallas. The family sold the property to Ray Washburne in 2009.

His approach to neighborhood retail also shaped Preston Royal Shopping Center, originally developed in 1958 by Henry S. Miller Jr. and Trammell Crow, and was sold in 2012.

“There, he applied the same thoughtful approach — prioritizing stability, daily-use tenants, and a sense of familiarity that has served generations of families,” a family statement read. “Rather than chasing short-term trends, Henry believed centers like Preston Royal should reflect and support the surrounding neighborhoods, ensuring they remained places of convenience, connection, and community life.”

Miller earned his undergraduate degree from SMU and later completed the Advanced Management Development Program at Harvard Graduate School of Design. Over his career, he led ventures including Henry S. Miller Partners/Urban Partners and Henry S. Miller Interests Inc., and he was involved in international projects such as the Loreto Bay Company in Mexico.

Miller’s grandfather, Henry S. Miller, founded the family real estate firm as a one-man show in 1914 in Dallas. The patriarch’s son, Henry S. Miller Jr., expanded the business significantly and was involved in major retail developments such as Preston Royal and Highland Park Village. Henry S. Miller III led West Village and stewarded a revitalization of Highland Park Village with his father.

Beyond development, Miller served on the boards of the Child and Family Guidance Foundation, NEXUS Recovery Center, SPCA of Texas, The Family Place, and the Center for Performing Arts. He also mentored emerging real estate professionals through the Harvard Alumni Real Estate Board.

Miller is survived by his four children, Kathryn Miller Rabey; Henry S. Miller IV and his wife, Lydia; Michael Alexander Miller and his wife, Lindsey; and Alexander Lewis Miller. He is also survived by his sisters, Patsy Miller Donosky and Jacqueline Miller Stewart. His grandchildren include Nicholas, Maximilian, and Olivia Rabey; Henry, Jack, Owen, and Mimi Miller; and Layton Garrett, Miles, and Samuel Miller. He was preceded in death by his brother, Vance C. Miller, his father Henry S. Miller Jr., and his mother Juanita Miller.

Funeral arrangements have not yet been announced.

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This story, by Candy's Dirt executive editor Shelby Skrhak, originally appeared on CandysDirt.com and was republished with permission.

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