Home Affordability in Dallas, TX
The median home price in Dallas is $340,000 with a median household income of $54,747. Housing is significantly stretched relative to local incomes.
Median Home Price
$340,000
Median Income
$54,747
Price-to-Income Ratio
6.2x
Est. Affordable Home
$213,000
Property Tax Rate
1.80%
Annual Property Tax
$6,120
Sales Tax Rate
8.25%
Cost of Living Index
102
Buying a Home in Dallas
Based on the 28% rule (spending no more than 28% of gross income on housing), a household earning the median income of $54,747 in Dallas can afford a monthly housing payment of approximately $1,277. This translates to a home price of roughly $213,000, which is below the median home price of $340,000 — many households may need a higher income, larger down payment, or should consider more affordable neighborhoods.
Property taxes on a median-priced home in Dallas would be approximately $6,120 per year ($510/month) at the effective rate of 1.80%.
Down Payment Scenarios
| Down Payment | Amount | Loan Amount | PMI Required |
|---|---|---|---|
| 3% | $10,200 | $329,800 | Yes |
| 5% | $17,000 | $323,000 | Yes |
| 10% | $34,000 | $306,000 | Yes |
| 20% | $68,000 | $272,000 | No |
Use Our Home Affordability Calculator
Get a personalized estimate based on your income, debts, down payment, and credit score.
Calculate Now