Mar 21, 2022 - Real Estate

Dallas houses earned $20k more than workers in 2021

Illustration of construction workers analyzing a house on top of a stack of money.

Illustration: Trent Joaquin/Axios

Homes in North Texas earned more than median-income workers last year.

Driving the news: Zillow’s latest market report shows that home values in North Texas have gone up more than $100,000 since the start of the pandemic.

  • Typical home values in the area appreciated $69,488 in 2021, while median pretax income in Dallas in 2021 was $50,000. So homes made $19,488 more than median income, according to a new Zillow study.

Context: While home prices went up nearly 30% over the last year, wages in North Texas were up less than 5% over the same period, according to the Bureau of Labor and Statistics.

Zoom out: Home value growth in 2021 exceeded median income in 25 of 38 major metros that Zillow studied.

  • Typical values went up most in San Jose and San Francisco — more than $200,000 on in each place.

By the numbers: Typical home values in the Dallas-Fort Worth metro area are $361,270, per the Zillow report.

  • Available inventory is down 13.8% since January.
  • The number of houses for sale is 47.3% lower than it was in Feb. 2020
  • Listings spend a median of 16 days before going under contract, two days less than in January and 24 days less than Feb, 2020.
  • Typical rents are $1,699, 18.6% higher than last year.

What they’re saying: "More than anything, 2021 was a year of haves and have-nots, and the chasm between the two is widening," Zillow economist Nicole Bachaud said in the report.

  • Bachaud said homeowners "saw their household wealth increase dramatically. But many renters witnessed that dream either soar out of reach or had to drastically adjust their expectations and plans."

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