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Blog Sep 23, 2020

Dallas cost of living

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What is the first thing that comes to your mind when you read or think about Dallas? Perhaps it is the oil fields and the prosperity that it brings, or maybe it is “Dallas” the famous TV series.

There are so many interesting things about Dallas, and if you are thinking of relocating, one of the essential things that you need to know is its cost of living. Just like any other city, the cost of living in Dallas is majorly influenced by the cost of food, medical insurance, housing prices, and utilities. Some people argue that Dallas is one of the most expensive cities in the United States, which to an extent is true. However, when put in context and compared to the cities of its league, in addition to the fact that it has an expansive metroplex, you will agree with me that Dallas is relatively affordable – though it might be slightly expensive when compared with the average cities in the United States.

To understand the true life in Dallas, here are some examples of how much some of your expenses would cost in Dallas.

Full lunch $14, fast food $7-$8, monthly rent ($1,300 – $1,500), dozen of eggs $ 2.77, monthly utility bill $100, cappuccino $5, cocktail at a local bar/club $10, dinner for two $40. From this list, it’s clear that life in Dallas is not that expensive as it seems. Apart from housing, the rest of the expenses are reasonably priced. Consequently, Dallas cost of living is approximately one percent above the national average. Regarding the high housing prices, Dallas is a popular city that attracts hundreds of people every day, and just like any other developing city, housing prices increase with the increase in population.

How much do you need to live comfortably in Dallas?

There is no concrete answer as to how much you need to live comfortably in Dallas. However, according to GOBankingRate’s (a financial website) report, on “Cost of living comfortably in 50 cities in the united states’, if you are a homeowner in Dallas, you will need approximately $83,140 to live comfortably in Dallas. On the other hand, if you are living in a rental house, you require an additional $4,824 to achieve the same. You will realize that this figure is way higher than the median income in Dallas which stands at $47,285. This seems to suggest that most earners in Dallas would struggle to achieve a comfortable life in Dallas.

This is not completely true because comfort cannot be categorically measured and what you perceive as comfort living, might not be the same as someone else. So, there is no exact figure that you need in order for you to live comfortably anywhere let alone Dallas. However, if you are earning enough for you to be able to apply the 50/20/30 rule, which requires you to set aside 50 percent of your income to cover necessities, 20 percent to go towards savings, and 30 percent on entertainment. Then what you earn is the amount you need to live a comfortable life.

Is it expensive to live in Dallas TX?

When compared to other average cities in the U.S, then yes, life in Dallas might be slightly expensive. It is reported that the cost of living in Dallas is 1% higher than the national average. The bright side of it is that there are plenty of opportunities in Dallas. If you intend to move to Dallas, it might interest you to note that although the cost of living might be slightly higher, Dallas is said to have the third-highest salaries in the U.S. This is after factoring in the cost of living expenses. Another thing to note is that there is no state tax in Texas which means that if you opt to live in Texas, you can save quite an amount of money on your taxes each year.

When it comes to renting a house, a studio apartment in Dallas according to the Apartments List’s report of 2019, has a median price of $752 which when compared to the national median is $75 less. A one-bedroomed house in Dallas has a median price of $896, whereas a two-bedroomed house goes for $1,113 median price. These prices are $51 & $62 lower than the country’s median price, respectively. Regarding utilities, the average Dallas utility bill per 915 sq.ft is approximately $140 which is lower than the national average by $13.

According to best places, Dallas’s cost of living index for grocery, health, and transportation is 99.1, 94, and 117.1 respectively. This means that grocery and health expenses are lower as compared to the national average, while transportation is significantly higher than the country’s average. The overall Dallas cost of living index is 101.6 which is higher than both national and Texas cost of living average

What is the average income in Dallas Texas?

The average income of a person living in Dallas Tx is $27, 917 a year which is slightly lower than the $28,555 national average. The median household income in Dallas has significantly increased from $40,650 in 2010 to around $53,515 in 2019 which is way less than the country’s median of $59,039.

Is Dallas a good place to live?

Dallas without a doubt is the best place to live for young professionals as well as the older generation as long as you have a strong financial muscle. There are numerous fun and exciting places in Dallas to stay. Some of the suburbs in Dallas include Southlake, University Park, Highland Park, Fairview, Parker, Prosper, Highland Village, Flower Mound, Colleyville, Argyle and the list goes on.

Living in Dallas gives you that urban-rural vibe and since the cost of owning a house in Dallas is expensive, most people around 42 percent rent houses in Dallas. Another good thing about Dallas is that there are plenty of opportunities thanks majorly to the large companies that have made Dallas their headquarters. Some of these companies include; American Airlines (AMR) who is headquartered in Fort Worth, SouthWest Airlines AT&T, JCPenney, ExxonMobil, Fossil, and Kronos. All have chosen Dallas as their headquarters.

The city has several parks, coffee shops, and restaurants. Most young professionals and families tend to be liberals. Dallas is also known for it’s delicious food. If you are a food person, any place in Texas will make you want to stay there. The food in Texas is on another level especially Texas Tacos. The Tacos are a must-have. Dallas is also well known for professional sports with teams like the Dallas Cowboys popularly known as the ‘Americas’ Team’. There is also the Dallas NBA team – the Dallas Mavericks. So, for sports lovers, Dallas won’t disappoint.

Payless Power is a family-owned business, a quality that allows us to meet the needs of our customers with unprecedented success. Despite our customer’s credit history or income level, we strive to keep everyone connected with our Dallas electricity plans. Our flexible payment schedules give you more options than traditional electrical companies, who demand payments or shut off your power. To find a plan that is better suited to your lifestyle and budget, set up your account today! 

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