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Dallas rent prices seeing some of the highest increases in the U.S., data shows
Data from rent.com shows the average for a two-bedroom in Dallas has jumped up 46% from last year. Other cities like Grapevine and Grand Prairie are seeing even bigger rent increases. Only one North Texas city saw a consistent drop in rent prices.
DALLAS, Texas - A new report reveals the disparity between minimum wage and the cost of an average two-bedroom rental in different U.S. cities.
According to Out of Reach, in no state, metropolitan area, or county can a full-time minimum-wage worker afford a modest two-bedroom rental home, and these workers cannot afford modest one-bedroom apartments in 91% of U.S. counties.
The Out of Reach report from the National Low Income Housing Coalition revealed Texas ranked 23rd among states.
According to the report, the average Texan needs to earn an hourly wage of $22.54/hr and work full-time to afford a two-bedroom apartment without spending more than 30% of their income on housing.
That measures out to $46,889 annually.
RELATED: Dallas rent prices seeing some of the highest increases in the U.S., data shows
In Dallas County, workers would need an hourly wage of $26.19, according to the data. In Tarrant County area, the number is a little less at $24.40/hr.
The most expensive counties in the state are all around the Austin area with Travis County needing a wage of $27.90 per hour to pay for housing.
For the area around Houston the report says workers would have to earn $23.23 per hour.
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Real estate expert discusses rising cost of renting
Record high apartment rents in the DFW area show no signs of easing. Professor Julie Lynch, an associate director of the Weitzman Institute for Real Estate at UT Dallas talks to Good Day about the shocking figure. Average rental rates are up 16 percent from last November to this November.
The state's minimum wage is currently $7.25 per hour. At that wage, employees would have to work 124 hours per week to afford a 2-bedroom rental at Out of Reach's Fair Market Rent.
To view the full report on rental costs and minimum wage, click here.