As inflation and the cost of living rise across the U.S., so does the amount of money a resident needs to live comfortably. And North Texas residents are feeling that pinch.
According to an annual SmartAsset report, single adults living in Dallas, Plano, Irving, and Garland require a $91,770 yearly salary in order to live comfortably in 2024.
That represents a jaw-dropping $27,028 jump from the 2023 figures, which said Dallas-Fort Worth residents needed to make $64,742 a year to live comfortably in 2023.
Dallasites need to make a $44.12 hourly wage to lead a comfortable lifestyle and avoid living paycheck to paycheck, says the report, which analyzed 99 major U.S. cities.
The 2024 report also found that for a Dallas-based family of four, the total combined income needed to live a secure lifestyle is currently $208,000.
Breaking down the cost of living in Dallas
SmartAsset gathered data from MIT's Living Wage Calculator to determine the cost of living for a childless adult and for a family of four (two working adults and two children) in the 99 largest American cities.
According to SmartAsset's salary requirement, a childless Dallasite would need to spend $45,885 of their salary on living expenses, $27,531 for discretionary expenses, and put $18,354 toward their savings or debt payments.
Families of four would have to spend $104,444 on living expenses, $62,666.40 on entertainment or hobbies, and put away $41,777.60 into savings or paying down debt in order to live comfortably in Dallas.
It could be worse: Despite residents' growing financial constraints, the income necessary to live in Dallas is still better than the national average of $96,500 a year for singles and $235,000 per year for a family of four, SmartAsset says.
Elsewhere in Texas
Among Texas cities, Austin has the highest necessary income required to live a financially stable life. A single adult living in Austin would need to make $47.96 an hour, or $99,757 a year, to live comfortably. The combined income needed for two adults with two children is $223,891.
Houston was the No. 1 U.S. city with the lowest annual salary required for a single adult to live a comfortable life. Houstonians need to make $75,088 individually to avoid living paycheck to paycheck, or a $36.10 hourly wage, says the report. The combined income needed for two adults with two children is $175,219.
Fort Worth and Arlington surprisingly came in higher than Dallas, requiring a $94,765 salary for single adults, and a combined income of $214,490 for families.
The U.S. city requiring the highest salary to live comfortably is New York. Single adults would need to make an hourly wage of $66.62, or an annual salary of $138,570, to prevent living paycheck to paycheck. And for a family of four, the combined salary needed is $318,406 a year, SmartAsset says.
The full report and its methodology can be found on smartasset.com.
