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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.

    reportshome for sale
    news/real-estate

    luxury real estate

    Dallas-Fort Worth led Texas in sales of million-dollar homes in 2025

    Amber Heckler
    Jan 8, 2026 | 12:11 pm
    10316 Bel Aire Dr., Dallas
    Estately.com
    This home at 10316 Bel Aire Dr. in Dallas' Lake Highlands neighborhood is on the market for $1.1 million.

    A new luxury real estate report reveals Texas broke a record for the highest number of million-dollar homes sold from November 2024 to October 2025, and Dallas-Fort Worth boasted the largest share of million-dollar home sales statewide.

    A total of 14,418 Texas homes were sold for at least $1 million last year, generating a record-breaking $24.5 billion, according to Texas Realtors' 2025 Texas Sales of Million-Dollar Homes Report. The number of luxury home sales in the state soared 12 percent compared to the previous year.

    Million-dollar home sales in Dallas-Fort Worth-Arlington made up 38 percent of all luxury home sale transactions in Texas during the 12-month period, the report found. The total sales dollar volume of DFW homes that sold for $1 million or more added up to about $9.7 billion.

    Nearly 5,500 million-dollar homes were sold in the North Texas Metroplex at an average price of $402 per square foot. For comparison, the average price per square foot for all residential homes in Dallas-Fort Worth was $204.

    Both figures are not far from the statewide average, according to Texas Realtors.

    "The average price per square foot of $1 million+ homes increased to $423 from $418 last year and was more than double the $188 average price per square foot of all Texas homes," the report said.

    Dallas-Fort Worth luxury homes are also more than twice the size of the typical residential home in the region. A million-dollar home in DFW spanned 4,284 square feet, compared to 2,096 median square feet for all residential homes in the metro.

    "High-end homes continue to be a small but mighty segment of the market," said Texas Realtors chairman Jennifer Wauhob in a press release. "Texans remain confident in the value of these properties, whether they are drawn to outstanding amenities, prime locations, or both."

    Elsewhere in Texas, Houston-Pasadena-The Woodlands saw the second-highest share of million-dollar home sales in Texas, at 27 percent, followed by Austin-Round Rock-San Marcos (19 percent), the rest of Texas (11 percent), and San Antonio-New Braunfels (5 percent).

    housing marketmillion dollar homesluxury real estatetexas realtorsdallasfort wortharlington
    news/real-estate
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