Dallas Neighbors for Housing reposted this
Along with Ashley Flores, CPAL's Chief of Housing, I am pleased to share with you the 2024 Rental Housing Needs Assessment for the City of Dallas. This 143-page report is our second annual attempt to focus on the gaps between supply and demand in the Dallas rental market, as well as the broader demographic and economic forces shaping the housing ecosystem. Here are just a few of the primary findings in this year’s report... --The City of Dallas currently has a gap of 39,919 rental units affordable to households earning at or below 50% of the Area Median Income (AMI), which was $48,700 for a family of four in 2022. This means there are 65 affordable units for every 100 households at or below 50% AMI. --Driven by an anticipated loss of 54,000 unrestricted affordable housing units (a 98% decrease), we forecast the gap to grow to 76,073 units by 2035. This means there will be 24 affordable units for every 100 households at or below 50% AMI. The demand-supply gap is also projected to affect households up to 100% AMI – for example, by 2035, there will be 66 affordable units for every 100 households at or below 80% AMI and 94 affordable units for every 100 households at or below 100% AMI Rents have grown faster than wages: --Despite improvements over time in educational attainment and wage growth within the City of Dallas, the median rent is unaffordable for 71% of residents. Forty-nine percent of all renters in the City of Dallas are housing cost-burdened (meaning they spend more than 30% of their income on housing), but some groups are disproportionately affected: 69% of senior renters, 79% of single parents with children, 56% of Black renters, and 51% of Hispanic/Latino renters are housing cost-burdened. --Although all workers have seen nominal wage growth, the top three most common job types in DFW have median wages below $45,000. Due to inflation, wage growth has not necessarily translated into improved purchasing power, and residual income (income after paying rent) is thin for low-income households. --Wage growth has also been uneven: from 2012 to 2022, median income for Hispanic/Latino households grew the most (28%), while for Black households, it grew the least (8%), when adjusted for inflation. For those interested in digging deeper, we'd also like to draw your attention to some nuanced insights: --Residents with bachelor's and graduate degrees cannot always afford rent in Dallas: the median resident with a bachelor's degree ($69,789) cannot afford the median rent of a 2- or 3-bedroom rental unit. (see more on degree attainment, page 110) --Housing production has not kept pace with population and job growth in North Texas. For example, from 2012-2022, Dallas County added 41 new housing units for every 100 new jobs. (See breakdown by county, page 106).