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    Time For a Raise

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

    Lindsey Wilson
    Mar 8, 2024 | 2:51 pm
    House fund jar

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

    Photo by Sandy Millar on Unsplash

    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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    House For Sale

    Dallas house for sale from the '50s is still in original condition

    Teresa Gubbins
    May 7, 2025 | 1:12 pm
    9203
    Courtesy
    9203

    There's a house for sale in East Dallas that's increasingly hard-to-find: a well-preserved home from the '50s for sale that's in nearly original condition.

    The house is located at 9203 Lindaro Ln., just outside Loop 12 and walking distance to Bishop Lynch High School, in a stable neighborhood of homes build in the mid 1950s.

    The listing by Bryant Nieves of Elite Real Estate Texas calls it a "beautifully preserved Mid-Century gem" with original hardwood floors in the downstairs bedrooms, a recently installed roof, a modern sprinkler system, and an upgraded AC unit.

    There are multiple living spaces with a formal living & dining area, eat-in kitchen, and family room which includes an office nook with built-in desk. It has both a carport and attached 2-car garage, as well as a fully fenced yard.

    Most of the homes in this neighborhood are 1,200 to 1,600 square feet, and priced from $250,000 to $350,000.

    This house was built in 1957, but it differs in that it has a second-floor add-on over the garage — making it roomier at 2,202 square feet, with 5 bedrooms instead of the usual 3.

    The two bathrooms are in original condition with '50s tile, both in good shape. The main bathroom has pale warm tan tile, almost flesh colored; the second bathroom, off one of the bedrooms, is a little prettier, with white tile and green-tile edging. Both are far superior to granite-look ceramic.

    While both bathrooms merit admiration, this house is more about the wood. There are

    • original hardwood floors, all in great shape
    • wood doors including closet doors
    • wood paneling in the family room, with wood bookshelves and a build-in wood desk

    There's also an odd wooden bookshelf that serves as a divider of sorts in the stacked formal living room.

    The only room that looks unoriginal is the kitchen, which boasts white-washed '80s cabinets. It looks clean and functional, even if it does not match modern tastes.

    9203 Lindaro
      

    Courtesy

    Facade of 9203 Lindaro is pleasing, thanks to the unpainted brick.

    It sits on a 7,535 sqft lot and the asking price is $395,000 — a bit optimistic, even if they find the rare buyer who sees value in an untouched '50s home.

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