DALLAS — New numbers from Zillow show that rent in Dallas is historically unaffordable.
While financial experts have been telling people to not spend more than 30 percent of their monthly income on rent, DFW renters are coming pretty close to that.
A second quarter analysis shows renters are paying 28.7 percent of their monthly income on rent — more than a seven percent increase over past years. But that’s still less than the national rate of 30.2 percent.
Home values have surged in Dallas-Fort Worth, selling quickly for more than the asking price, and with new listings attracting multiple offers. So much so that some real estate experts have recommended renting over buying right now.
But even so, paying a mortgage is still more affordable than renting. And this all hurts renters over the long haul.
Spending so much money on rent, they save less for retirement and have trouble saving up for the down payment it takes to buy a home.
Watch the WFFA Channel 8 News Story
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