Feb 1, 2024 - News

The burden of rent in Dallas-Fort Worth

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Illustration: Annelise Capossela/Axios

More than half of Dallas-Fort Worth renter households are cost-burdened, per a recent report from the Joint Center for Housing Studies of Harvard University.

Why it matters: Texas renters are more cost-burdened than ever before — meaning they're spending more than 30% of their incomes on housing, the report says.

  • Pandemic protections have expired and more people are experiencing homelessness.

The big picture: Rental costs nationally hit record highs in 2021 and 2022 but started to level last year.

  • Zillow's rent index in December was up just 3.3% over the last year, more on par with inflation.

By the numbers: More than 608,000 renter households face cost burdens in Dallas-Fort Worth, according to the report.

  • Almost half of those households face severe cost burdens.
  • The median renter household income is $54,000, and the median monthly rent is $1,472.

Zoom out: Texas housing was once considered to be more affordable than the rest of the country, but the state has seen a population boom and rising rental demand while losing low-cost housing options.

  • And, D-FW is home to the most cost-burdened households of the major Texas metropolitan areas.

Yes, but: Spending 30% of your income on rent has become the norm, per Moody's Analytics.

  • In 1999, New York City was the only city where renters spent more than 30% of their income on housing.

The bottom line: Despite rising housing costs, Texans tend to stay in Texas.

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