Toyota employees relocating to work at the auto giant’s new North American headquarters in Plano face the highest price in the region to live near their corporate campus, with median sale prices in the area hitting $289,000, according to a study released Tuesday by buying platform Open Listings.
The study also pegs the average employee salary at Toyota’s headquarters in Plano at $110,244, meaning employees pay an average of 18 percent of their paycheck to live within 20 minutes of work.
Meanwhile, Facebook workers in DFW had the highest average salary of the companies Open Listings looked at, earning $140,741. With a much larger salary than the average at the other companies analyzed, the percentage of a Facebook worker’s income spent on housing to live within a 20-minute commute of the company’s massive Fort Worth data center was only 11 percent. The median home in that area is $215,000.
Facebook currently has 200 employees within its Fort Worth location and the number will likely double in the coming years.
It’s not difficult to see why the company’s engineers would be attracted to Texas in general and DFW specifically.
A previous analysis by Open Listings of living affordability for technology workers found that Facebook engineers in San Francisco were forking over 29 percent of their income to pay the mortgage on a nearby home, while Facebook workers in Austin were paying 13 percent to do the same.
Of the ten largest and most well-known employers in Dallas-Fort Worth, those that work within the insurance and banking industries fared the worst when it comes to living affordability nearby work.
According to Paysa data, the average employee at the headquarters for State Farm in Richardson made $66,982, and at Liberty Mutual in Plano made $69,171. With State Farm workers needing to $235,000 to pay for homes nearby their Richardson office, they are spending around 25 percent of their monthly income on their mortgage payment, Open Listings found.
Liberty Mutual workers are looking at slightly less expensive homes for sale in the immediate area near their Plano office ($185,000), which means their monthly housing costs will run them around 19% of their monthly income.
AT&T workers at the telecom’s headquarters in downtown Dallas pay an average of 16 percent of their monthly income to live near work, the study found. AT&T headquarters workers earn an average of $98,866 and the median home price within a 20-minute commute is $221,000.
Click here to check out employee salaries and median home prices near Exxon Mobil, American Airlines, Lockheed Martin and companies with headquarters or major operations in North Texas.
The Open Listings study used its platform to look at median home sales prices near the headquarters (within a 20 minute commute time) of the Dallas-Fort Worth area's newest and most well-known or largest employers over the last 30 days. It then used public salary data from Paysa to get average salaries for workers at these local company headquarters. From there, it calculated the percentage of an average workers’ monthly income would be put towards a mortgage for a home nearby.