Dallas is a bit of a late bloomer. In 1841, John Neely Bryan became the first person to settle in the area. Its incorporation as a city came in 1860 when it had a mere 2,000 residents. Then along came the Houston and Texas Central Railroad, the Second Industrial Revolution, and the rest is history. Dallas now has the ninth-largest population in the United States with 1,343,573 residents, and it continues to grow. It had a population increase of 12.2% between 2010 and 2019, and for good reason.
The "Big D" has an excellent economy. It ranked second on Forbes' 2019 list of best places for business and careers. In 2018, the Dallas-Fort Worth metropolitan area had a Gross Domestic Product of $513 billion for the sixth-largest economy in the United States. Exxon Mobil, Energy Transfer, American Airlines, Kimberly-Clark, Texas Instruments, J.C. Penney, and Alliance Data Systems are some of the two dozen Fortune 500 companies with headquarters in the Dallas-Fort Worth metro area. As the economy continues to grow, so does its population.
Dallas, TX is a great place for affordable rent-to-own homes! With a median household income of over $54,747 and a median rent of $1,111, the Dallas, TX rent-to-own market is more affordable than the traditional housing market which has shown tremendous growth across the U.S. and with it, aggressive competition for home purchases. With the current housing shortage trend it can make it harder to become a homeowner, including in Dallas, TX. This means higher than average down payments for homes and higher qualification standards for conventional home loans. With a rent-to-own property, tenants are also buyers. You can live in the house for a set amount of time before you purchase it, meaning that you get to know the house, your neighbors, and your community before making the final purchase. This enables you and your family to make the right choice based on both information and experience. Rent-to-own is also a great alternative way to get into a home if you have bad credit or don't have enough saved for a down payment.
Dallas, TX is seeing rapid growth and Dallas, TX's' housing market remains optimal with an average home price that is -4% below the 2023 national average. Dallas, TX is part of Dallas county and taxes are an important factor to consider when purchasing a home whether through rent to own or a traditional purchase. The average tax rate as of 2023 for county Dallas is 2.18% which is above the national average, which is 0.99%.
Considering that Dallas is a large city with a full line of amenities, it is an affordable place to live. The overall cost of living in Dallas is 1.6% higher than the United States average and 7.7% higher than Texas's average. Most categories are at or near average aside from transportation costs, which are 13.7% higher than the rest of the state and 17.1% higher than the national average. Other cities in the area have similar costs of living. For example, nearby Plano is 7.7% higher than Dallas, while Arlington is 1% lower. For what the city offers its residents, Dallas has an excellent overall cost of living.
Dallas also has an excellent housing market for a major U.S. city. The median cost of a home in Dallas is $214,700. To put that in perspective, the state is nearly $20,000 lower at $195,000, and the U.S. is $16,500 higher at $231,200. Plano homes are significantly higher and cost $331,900 on average, and houses in Fort Worth and Garland middle out at $197,700. These housing prices are very reasonable, which makes Dallas an excellent choice for your next rent-to-own home.
If you're interested in Dallas rent-to-own homes, don't forget to consider important factors in addition to monthly living costs, such as average commute, taxes, crime rates, etc. The following are some common Dallas statistics compared to the U.S. national average.
|Dallas Averages||National Averages|
|One-Way Commute||26.8 minutes||26.4 minutes|
|Income Tax Rate||0.0%||4.6%|
|Median Household Income||$43,359||$53,482|
|Median Property Taxes||$1,700||$2,200|
|Median Home Cost||$214,700||$231,200|
|Median Home Age||37 years||40 years|
There's a lot going on in Dallas. The city has upwards of 27 million yearly visitors. These travelers spend more than $5 billion and support over 65,000 jobs in the area while dining, staying at local hotels, touring the city's attractions, or just going about their business.
Fortunately, Dallas has a comprehensive transportation system that makes it easy for its residents and guests to get in and out of the city and around town. Dallas-Fort Worth International Airport was the fourth busiest airport in the country in 2019, with more than 35 million passengers. The city also has the Love Field Regional Airport and Dallas Executive Airport for commercial, business, and private use. Long-distance travelers use Greyhound buses, the Dallas Mass Transit Rail and DART Public Bus Service transport riders around the city, and the M-Line Trolley services Downtown Dallas.
If you want to spend some time outdoors, Dallas has one of the largest park systems in the U.S. It has 397 parks spanning more than 20,000 acres, with seven lakes, 33 ponds, 158 miles of trails, and every category of sports field. The downtown has its own Klyde Warren Park with street vendors, daily activities, and periodic events.
You'll find an abundance of dining and shopping, as well as lots of nice people in Dallas. If you visit the Big D - even for a short period - you'll want to stay. Luckily, you'll have an easy time finding an excellent rent-to-own home to call your own.
Include Dallas in your list of areas for your next relocation. There is more than enough room for you in its 340.52 square miles. There are also plenty of jobs available in the city, and you won't have to pay any state income taxes on your earnings. Most importantly, Dallas rent-to-own home opportunities are abundant and affordable - you're sure to find one that you can proudly call home.