Dallas Rent Prices On The Rise And Many Are Paying Too Much Out Of Pocket

Dallas Rent Prices On The Rise And Many Are Paying Too Much Out Of Pocket

Image title

An Interesting little bit of information I came across on CultureMap Dallas. Some people have to rent for financial reasons, but others may not have to. It makes more sense to get into a home with a monthly payment that you can actually afford and pay yourself back rather than your landlord by building equity in your home. Continue reading below to see how the cost of rentals is increasing in Dallas........


Is Dallas rent too damn high? A new report from Apartment List reveals that almost half of Dallas renters are "cost-burdened," meaning they spend more than 30 percent of their income on rent.

Apartment List analyzed U.S. Census data from 2007-2014 and found that 48.5 percent of Dallas renters were cost-burdened in 2014. The median monthly rent was $861, while median monthly renter income was $2,820. That burden increased from 45.7 percent in 2007.

In other grim news, the report shows that half of Dallas' cost-burdened renters are severely burdened, meaning they spend more than 50 percent of their income on rent. While the local burden has increased, Apartment List notes that Dallas fares better than the national average of cost-burdened renters, which was 51.8 percent in 2014.

The report warns that any cost burden — especially a severe one — can hinder renters from transitioning to homeownership and preparing for the future. "Most personal finance experts recommend allocating 20-30 percent of income for rent, around 5 percent on healthcare, and around 10 percent for savings; high rents are likely eating into funds that should be set aside for health emergencies, the down payment on a home, or a retirement fund." 

A recent study from Zillow echoes Apartment List's warning. The listing website says that renters who spend more than 30 percent of their income on rent make major cuts in other important areas like savings, healthcare, and retirement plans.



Kristine Edens Headshot
Author:
Phone: 940-597-7503
Dated: November 3rd 2015
Views: 907
About Kristine: Buying and selling real estate is probably the largest expense anyone will make in their lifetime. I...

Property Search








RSS Feed

View our latest blog posts in your RSS reader. Click here to access. RSS

Search Blog

Recent Blogs

Will A Realtor Really Help Me Make Money On The Sale Of My Home - Sure it may be tempting to forego
5 Reasons To Sell This Winter - 5 Reasons to Sell This Winter!
Remember The Starbucks Effect When Buying A Home - I read recently that the CEO of
Identity Theft Is Never Fun Protect Yourself With Title Insurance - Identity theft can cause you huge

Our Bloggers

The Doyle Team * - 2
Comprar Casa DFW * - 4
Gabrielle Armstrong - 5
Cara Balderas - 67
Tami Bennett - 45
Ramon Bermudez - 3
Justin Blackburn - 1
Jessica Boozer - 18
Rhonda Borgne - 1
Olivia Borowski - 1
Jennifer Boyd - 2
Deborah Boyd - 390
Jamie Brannagan - 1
Kathryn Brick - 1
Annette Bruen - 47
Moira Brunken - 18
Beverly Bryant - 24
Ana Cantu - 1
Lisa Cardillo - 53
Bob Cardillo - 4
Lisa Carroll - 2
Lucina Cervantes - 11
Michael Chatman - 2
Gregory Cornett - 2
Angela Cotten - 97
Missie Craig - 12
Melisa Crooks - 1
Greg Cunningham - 2
David Darty - 1
George Dean - 1
Sarah Dieter - 9
Belinda Duff - 5
Eva Duffy - 8
Leah Ecob - 15
Kristine Edens - 3
Jill Elliott - 99
Laneal Ernest - 9
Nicole Espinosa - 27
Christopher Evans - 1
Heather Feragotti - 8
Mark Fischer - 2
Susan Florsch - 12
Jennifer Flynn - 9
Larry Frassinelli - 6
Chad Gabriel - 58
Shalee Garza - 10
Marcos Garza - 1
Tammy Gill - 1
Timothy Gilliam - 2
Christina Gonzalez - 5
Wilma Goodwin - 2
William Graves - 5
Jimmy Hanks - 1
Kristen Henderson - 1
Candie Hernandez - 6
Beth Herr - 1
Hunter Howard - 1
Bill Hurd - 3
Gary Hutchings - 20
Trenton Johnson - 15
Marla Johnson - 1
Felicia Johnson - 79
Dakota Joyner - 9
Sunil Kanjia - 8
Jemi Khan - 26
Leigh Klotz - 5
Amber L Johnson - 9
Michele Lafortune - 22
Dylan Lochhead - 1
Maria Lopez-Jones - 1
Stacy Lynn Massar - 27
Chuck May - 1
Mikki Migis - 8
Richard Mikus - 1
Sean Moniri - 21
Naddia Morales - 10
Candace Mozingo - 1
Mark Mulch - 19
Steve Murray - 1
Julie Nicholson - 10
Nikki Okpuzor - 3
Alan Oliver - 7
Kaysone Orlando - 1
Holli Paddio - 3
JP Piccinini - 434
Julie Ann Pickering - 85
Ann-Marie Pope - 2
John Priestash - 47
Mimi Rader - 1
Shelia Randolph - 33
Teneka Ray - 1
Go 2 Girls Realty - 173
Kristi Roy - 1
Kelly Rumney - 9
Amy Jo Saenz - 3
Linda Scardis - 4
Sandy Setliff - 222
Christine Shannon - 30
Rene Sinclair - 27
Shelby Smith - 3
Rebecca Smith - 1
Bryce Smith - 5
Monica Solkhon - 1
Malena Solorzano - 1
Rodrigo Sotomayor - 16
Jenna Stanley - 9
Tim Stoll - 52
Kelley Stubbs - 3
Melodie Sulgrove - 1
Seana Taylor - 217
Mary Taylor - 15
Kevin Taylor - 16
Julian Taylor - 17
Erica Taylor - 54
Angela Taylor - 1
Karla Terrell - 2
Michele Thompson - 6
Jason Todd - 24
Andrea Trimble - 55
Sarah Uber - 5
Yael VanGruber - 1
Diane Velez - 18
Debbie Viverito - 132
Rachel Walsh - 2
Nick Walton - 79
Spring Weeks - 9
Clint White - 2
Christopher Winkler - 1
Michael Worley - 164
Martina Worley - 2
Keisha York - 30
Audra Young - 1
Debbie Zurita - 17

Saved Properties

This is a list of your favorite properties. We will email you if a property is reduced or leaves the market.

Click 'Save' to add a property to this list.

Register / Login

New & returning visitors please enter your information to login.

By clicking 'register' you are agreeing to our terms of use & giving us expressed written consent to contact you.

Questions? Comments? Complaints?

This message will go directly to the head of our team.

Location & Address

JP And Associates REALTORS
6136 Frisco Sq Blvd, #200
Frisco, TX
972-375-9448


Other Locations