Buying a house in DFW sellers market
Not to hurt your ego or anything, but if you live in Arlington or Dallas your house may be making more money per hour than you do.
Zillow, a real estate website, has released a new study that puts an interesting twist on the rising values of residential properties across the United States.
The company found that single-family homes in many markets nationwide — including the Dallas-Fort Worth region — are rising at a rate higher than the minimum wage.
For example, in Arlington, home prices are increasing at a $8.05 per hour, compared to Texas' minimum wage of $7.25 an hour.
The study calculates property value increases, then expresses them as an hourly increase, assuming an eight-hour work day for roughly 261 days per year (the equivalent of a full-time job).
In Arlington, homes are typically worth $190,900, based upon the Zillow home value index. That's a $16,800 increase from a year earlier.
And, $16,800 is what a person making $8.05 per year would make in a year. A person making Texas' minimum wage of $7.25 an hour would make $15,131.
In Dallas, homes are earning $7.71 per hour, according to the study.
The report was meant to list the top 50 U.S. cities, although Fort Worth wasn't mentioned specifically (even though Arlington was). A company representative said she thought the Dallas listing included Dallas and Fort Worth. If separate numbers for Fort Worth become available, this story will be updated.
As interesting as the numbers were in Texas, there were some places where homes were earning nearly the equivalent of executive-level salaries.
In California, for example, homes in the San Francisco area are increasing at a rate of $60.13, according to the Sacramento Bee.
Even though Californians have a higher minimum wage — $14 in San Francisco, rising to $15 this summer — the home values are going up at a level that's tantamount to a six-figure salary.