Wages have been increasing in many markets, partly because of low job growth and staffing shortages. In Dallas, however, the increase in rent prices significantly outweighs the increase in worker wages.
On a list of 15 cities and their wage and rent growth, Dallas takes the 11th spot with a 3% wage growth compared to a 7.7% rent price increase. Median rent in Dallas this year is $1,544.
Overall, states in the South and West have experienced the highest wage growth over the past few years while Northeast and Midwest States have seen slower wage growth according to a report released by Stessa.
Buying a house is another story. The Dallas housing market has become even more competitive since the pandemic with bigger down payments required on houses, simply to make an offer stand out.