It’s easy to see why so many real estate investors have Dallas on their radar screens. People are flocking to the city for jobs, putting down roots, and the warm climate and quality of life.
Over the last 10 years, the population of Dallas has grown by 9%, making the metro area the fourth largest in the country. In fact, Dallas – along with nearby Fort Worth – was one of just 3 metros to gain at least 1.2 million residents since 2010.
For investors thinking about buying in Dallas, 2022 just might be the year to act. We recently looked at neighborhoods in Dallas to find great investment properties.
Key takeaways
- Although home prices in Dallas have increased by over 20% year over year, the market is still relatively affordable for investors.
- In many of the best Dallas neighborhoods for investment property, the majority of households are occupied by renters.
- Some of the Dallas neighborhoods to consider include Lake Highlands, Uptown, and Vickery Meadows.
>>Explore Roofstock's Dallas Investment Properties here.
Why invest in Dallas?
Dallas is ranked by the National Association of Realtors as one of the top 10 post-pandemic markets for 2022, and, looking at the stats, it’s easy to understand why.
Home prices in metropolitan Dallas increased by more than 20% last year (Zillow through Dec. 2021), while median rents for a 3-bedroom have grown by 32% year over year (Zumper as of January 2022).
Rising home prices and rents, along with a thriving job market and growing population, are just a few of the reasons in-state and remote real estate investors are looking for good rental properties in Dallas.
15 great areas in Dallas for investment properties
Here are 15 neighborhoods in Dallas to consider. Neighborhood-level data comes from Realtor.com, Niche.com, and Redfin as of December 2021.
Lake Highlands
Lake Highlands is a suburban neighborhood northeast of Dallas, just north of the Dallas Arboretum and Botanical Garden. The area has a mixed urban-suburban feel:
- Population: 18,670
- Median sale price: $397,000
- Change in sales price (year over year): -0.75%
- Days on market: 29
- Median rent: $1,193
- Renter-occupied households: 47%
- Median household income: $91,696
- ZIP codes: 75231, 75238, 75243
Oak Lawn
The Oak Lawn neighborhood in Dallas has an urban feel, a high percentage of renters, and is ranked by Niche.com as one of the best places to live in Texas. Oak Lawn is located near the Uptown and Old East Dallas neighborhoods and is bordered by the Dallas North Tollway:
- Population: 44,730
- Median sale price: $437,000
- Change in sales price (year over year): 9.5%
- Days on market: 57
- Median rent: $1,487
- Renter-occupied households: 69%
- Median household income: $87,348
- ZIP codes: 75201, 75204, 75205, 75219, 75235
Cedar Crest
Located just south of Downtown Dallas, the Cedar Crest neighborhood is bordered by I-45 to the east and I-35E to the west. Cedar Crest has a dense suburban feel and lots of parks:
- Population: 11,878
- Median sale price: $215,000
- Change in sales price (year over year): 29.7%
- Days on market: 26
- Median rent: $821
- Renter-occupied households: 52%
- Median household income: $30,937
- ZIP code: 75216
Old East Dallas
The Old East Dallas neighborhood has an urban feel, with a lot of bars, restaurants, coffee shops, and parks. Located between the Lower Greenville and Deep Ellum neighborhoods, the neighborhood is very popular with renters, with more than three-quarters of households renter-occupied:
- Population: 43,143
- Median sale price: $465,000
- Change in sales price (year over year): 9.4%
- Days on market: 32
- Median rent: $1,100
- Renter-occupied households: 77%
- Median household income: $56,583
- ZIP codes: 75214, 75204
North Oak Cliff/Bishop Arts District
Located southwest of Dallas along I-35E, North Oak Cliff is home to the Dallas Zoo and the Bishop Arts District. The neighborhood has a mixed urban-suburban feel and a high percentage of renters:
- Population: 3,247
- Median sale price: $409,000
- Change in sales price (year over year): 10.5%
- Days on market: 34
- Median rent: $807
- Renter-occupied households: 69%
- Median household income: $46,213
- ZIP code: 75208
Greenland Hills
The Greenland Hills neighborhood in Dallas is ranked as the #1 place for socially active professionals by Niche.com and as one of the best neighborhoods to live in. Located north of the city next to Lower Greenville, Greenland Hills is a popular area and receives top grades for nightlife, jobs, and commuting:
- Population: 7,614
- Median sale price: $818,000
- Change in sales price (year over year) 27.7%
- Days on market: 14
- Median rent: $1,542
- Renter-occupied households: 42%
- Median household income: $117,132
- ZIP code: 75206
Uptown
Located immediately north of the City Center District, the Uptown neighborhood in Dallas has a dense urban feel and is one of the most popular places to live in Dallas and in Texas. There are plenty of restaurants, bars, coffee shops, and parks, with the majority of the residents renting:
- Population: 29,958
- Median sale price: $476,000
- Change in sales price (year over year): 4.8%
- Days on market: 44
- Median rent: $1,762
- Renter-occupied households: 79%
- Median household income: $105,667
- ZIP codes: 75201, 75204
Downtown
The Downtown neighborhood in Dallas is popular, with a dense urban feel and a high percentage of renters. The neighborhood includes the City Center and Dallas Downtown Historic districts and is home to the Dallas World Aquarium and the Pearl/Arts District:
- Population: 32,531
- Median sale price: $333,500
- Change in sales price (year over year): 1.1%
- Days on market: 49
- Median rent: $1,651
- Renter-occupied households: 87%
- Median household income: $84,746
- ZIP codes: 75201, 75202, 75270
Lower Greenville
Located immediately east of the Greenland Hills neighborhood, Lower Greenville is a popular area. Lower Greenville has a mixed urban-suburban feel, with a lot of restaurants and parks and a high percentage of renters:
- Population: 9,656
- Median sale price: $535,000
- Change in sales price (year over year): -4.5%
- Days on market: 23
- Median rent: $1,416
- Renter-occupied households: 51%
- Median household income: $100,699
- ZIP codes: 75204, 75205, 75206
Deep Ellum
The Deep Ellum neighborhood in Dallas has an urban feel with a high percentage of renter-occupied households. Deep Ellum is just south of the Old East Dallas neighborhood and Baylor University Medical Center and is another popular area:
- Population: 6,448
- Median sale price: $650,000
- Change in sales price (year over year): 1.5%
- Days on market: 49
- Median rent: $1,300
- Renter-occupied households: 77%
- Median household income: $56,108
- ZIP code: 75226
Woodbridge-Whispering Hills
Woodbridge is a suburban neighborhood located midway between Dallas and Plano, Texas. The neighborhood receives strong overall ratings from Niche.com for things like housing, and public schools. Woodbridge-Whispering Hills is home to a high percentage of renter-occupied households:
- Population: 20,074
- Median sale price: $520,000
- Change in sales price (year over year): 37.2%
- Days on market: 62
- Median rent: $1,099
- Renter-occupied households: 64%
- Median household income: $59,657
- ZIP code: 75243
Oak Tree
Oak Tree is one of the best places to live, according to Niche.com. Located north of the city along the President George Bush Turnpike, Oak Tree is a desirable area, with a large percentage of renters:
- Population: 19,904
- Median sale price: $335,000
- Change in sales price (year over year): -0.6%
- Days on market: 20
- Median rent: $1,208
- Renter-occupied households: 75%
- Median household income: $80,771
- ZIP codes: 75287, 75007
Highlands of McKamy
The Highlands of McKamy neighborhood is located north of the city near the University of Texas at Dallas. There are a lot of restaurants and parks, with the majority of households occupied by renters:
- Population: 12,777
- Median sale price: $569,000
- Change in sales price (year over year): 124.2%
- Days on market: 13
- Median rent: $1,213
- Renter-occupied households: 70%
- Median household income: $63,076
- ZIP code: 75252
Vickery Meadows
Vickery Meadows is one of the most affordable places in Dallas to find an investment property and also a popular neighborhood for renters, with renter-occupied households accounting for over 90% of the housing units. Vickery Meadows is located just north of the Lower Greenville neighborhood:
- Population: 40,450
- Median sale price: $146,000
- Change in sales price (year over year): 33.3%
- Days on market: 25
- Median rent: $1,004
- Renter-occupied households: 93%
- Median household income: $46,617
- ZIP code: 75225, 75231
Lakeland Hills
Located east of the city along I-30, the neighborhood of Lakeland Hills has a mixed urban-suburban feel with the majority of residents renting. Lakeland Hills is near White Rock Lake Park:
- Population: 24,033
- Median sale price: $392,500
- Change in sales price (year over year): 19.6%
- Days on market: 20
- Median rent: $970
- Renter-occupied households: 71%
- Median household income: $49,852
- ZIP code: 75228
>>Explore Roofstock's Dallas Investment Properties here.
