The burden of rent in Dallas-Fort Worth
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.
- 71% of Dallas-Fort Worth renters are searching for housing in the area, per Apartment List's most recent Renter Migration Report.
- Of the outsiders, most are from Houston, Austin and Chicago.
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