As of the first half of 2026, the median home price in the Dallas area is approximately $375,000, according to a combination of Zillow and Redfin data.

To purchase a median-priced home in Dallas with a 20% down payment, a pre-tax annual income of around $119,000 is needed to make it affordable.

Based on this price, let's look at the loan conditions. With a 20% down payment, the loan principal would be $300,000, and the current 30-year fixed mortgage rate is estimated to be around 6.75% according to Freddie Mac's PMMS. Calculating just the principal and interest, the monthly payment would be about $1,946.

But it doesn't stop there. Texas has no income tax, but the property tax rate is higher than the national average, so the effective tax rate in Dallas County should be considered around 2.1%. For a $375,000 home, the annual property tax would be about $7,900, which translates to approximately $656 per month. If we also factor in homeowners insurance at $2,200 annually ($183 monthly), the total monthly housing cost, including principal, interest, taxes, and insurance, would be about $2,785.

Now, applying the DTI 28% rule, we can calculate the necessary monthly income. To afford a monthly housing cost of $2,785, the required monthly income would be $2,785 ÷ 0.28 = $9,948, which means an annual income of about $119,000 is needed. This is clear. Considering that the median household income in the Dallas-Fort Worth metro area is estimated to be around $80,000 according to census.gov, a median-income household is about 1.5 times short of affording a median-priced home.

When compared to nearby cities, this gap becomes even more pronounced. In Fort Worth, home prices are lower, so the required income drops to about $104,000, while in Plano, due to school district premiums, the required income exceeds $170,000. Ultimately, Dallas appears to be a market balancing between the two cities.

• Median home price: approximately $375,000
• Total monthly housing cost (principal, interest, taxes, insurance): approximately $2,785
• Required annual income: approximately $119,000
• Dallas-Fort Worth median household income: around $80,000

From the perspective of Korean households, this is a number that is quite accessible based on dual-income households.

If a couple has a combined income of around $120,000, they can reasonably aim for median-priced listings in Dallas, and many actually adopt a strategy of lowering the down payment to 15% while accepting PMI. However, the significant portion of property tax must be factored into the calculations, as property taxes continue even after the mortgage is paid off in 30 years.

In actual consultations, I often see people calculating their income well but getting flustered right before closing when they budget based only on principal and interest without considering property taxes and insurance.

If you are looking for a home in Dallas, I recommend budgeting based on the total monthly cost that includes all four of these items, rather than just the listing price.