Dallas is known for many things. It’s larger than life NFL football stadium is big enough to fit the entire Statue of Liberty. The Dallas Market Center, built in 1957, stands as one of the largest wholesale complexes. Dallas is also known for its large amount of shopping centers and restaurants.
The appeal to move to Dallas is definitely understandable, but, before you relocate to the City, you’ll want to know exactly what it costs to live there. Keep reading for everything you need to know about the cost of living in Dallas.
Home Prices
Looking to make a long-term move? If buying a home is in your future, you’ll want to know how much you can expect to pay for a house in the City. According to Zillow, the median home value in Dallas is $201,500. Home values have increased more than 13% in the last year and are expected to climb another 11% in the next year.
As a buyer, it’s a nice assurance to know that your home will be growing in value, which means equity and stability. The median price of homes in Dallas is $389,000, but homes typically sell for an average of $265,600. This is very beneficial to buyers who can pay tens of thousands of dollars less than what a home is valued at.
Renting in Dallas
If you’re not yet ready to buy, renting is a great option in the City. Though Dallas is one of the more expensive Cities to rent in, it’s not impossible to find a reasonably priced apartment. The median rent price in Dallas is $1,645. According to BestPlaces, average apartment rates are:
Studio – $800
1 bedroom – $1,060
2 bedrooms – $1,420
If you’re more interested in renting a home, you can find a 3-bedroom available at $1,990 a month. A 4-bedroom home will cost you $2,650. For less expensive rent, look for homes a little further away from the downtown area.
Utilities
Once you’ve decided whether or not to buy or rent, the next expense to consider is utilities. You can compare electricity rates Dallas to find the best plan for your needs.
For internet and cable, most residents pay around $60.36, but some providers offer packages as low as $45. To find the best internet providers in Dallas and compare services, you can use a price comparison website. This way you can easily figure out which Dallas internet and cable provider is the lowest price in your area.
Transportation
Dallas is a great city to drive in, especially when compared to the traffic you’ll face in other large cities. What’s also positive is that gas prices have been on a steady decline. In fact, according to GasBuddy, you can find gas as low as $1.65 per gallon.
For Dallas residents who need public transportation, Dallas Area Rapid Transit (DART) is the best option. The service costs $80 a month for local service. For regional service, passes cost $160. You can also purchase a week-long pass for $25 for local service or $50 for regional service. If you only need a pass for a day, you’ll pay $5 or $10.
Food
For an inexpensive restaurant, you can expect to pay about $15. At a mid-range restaurant with a three-course meal, you’re likely to pay around $50. Eating out too often will have a serious impact on your cost of living, so try to limit restaurant meals as much as possible.
As for groceries, you can expect to pay the following for common items:
Milk – $2.57
Eggs – $2.07
Poultry – $3.55 per pound
Apples – $1.87 per pound
Beef – $4.77 per pound
Lettuce – $1.55 a head
To minimize food costs, be on the lookout for coupons and sales. Most grocery stores offer new sales each week. On top of reduced prices, you can also use coupons for even greater savings. Check out sites like Coupons.com for grocery store coupons.
Taxes
Last but not least, one of the certain things in life: taxes. The property tax rate in Dallas County is 2.186%. If you own a home with the median value in the city of $389,000, you can expect to pay around $8,503 in property taxes.
A great perk of living in Dallas is that there are no local or state income taxes. However, residents are subject to an 8.25% sales tax. This is a combination of the Dallas city tax rate (2%) and the state sales tax rate (6.25%).
Conclusion
Knowing what to expect expense-wise before relocating to Dallas makes it much easier to determine how far your paycheck will take you. In turn, you can better budget your money so that you can comfortably afford the cost of living in the area.
Thank you,
Glenda, Charlie and David Cates
