Dallas Cost of Living — The Complete Guide
Finding the ideal city to call home can be a challenge. It requires a balance of affordability, a welcoming sense of community and the choice to cultivate your career. Between Dallas’ desirable cost of living and a thriving business scene, families and single professionals find a permanent home in the famous Texan city each year. Named as one of the fastest-growing areas in the country, Dallas’ affordable housing for first-time buyers and considerably low rent bring new resident of all ages.
The average cost of living in Dallas is an impressive 32% lower than New York City, but still welcomes a thriving economy, even named the 6th best city for business and careers by Forbes. So how much does it cost to live in Dallas from day to day? Here we’ll explore average rents in Dallas, grocery bills, travel costs and all the little details in between. If you’re considering moving to Dallas, check out the full picture before deciding what’s right for you.
Dallas Rent Prices
If you’re starting your rental search in the area, Dallas rent prices are currently remaining quite steady. According to Rent Jungle, rent prices in Dallas were at an average of $1,237 a month as of July 2018, very close to where its been in the past several years, but only with a slight increase. One bedrooms are around $1,050 a month, making this a great city for young couples and individuals to explore the area for the first time.
Rental prices in Dallas vary significantly by neighborhood, with chic, pricier options in the Arts District, Center City, Oak Lawn, Arts District, and the Near East neighborhoods. Many of these easily accessible neighborhoods cut down on commuting time and sit in the heart of the cultural city hub.
Average Cost of Groceries in Dallas
Grocery bills—one of the largest players in our monthly budgets—often speak to the cost of living in an area. The average cost of groceries per month, according to Numbeo is around $242 a person. This is 36% lower than New York City. As a point of reference, the average cost of a gallon of milk in Dallas is about $2.42 where it’s nearly $4.40 in NYC. Cutting your monthly food cost adds up pretty quickly. No matter which Dallas neighborhood you choose, the city has a strong range of discount grocery stores like Aldi and Trader Joe’s.
Your Dallas Utility Bill
The typical average utility bill—which includes water, electricity, heating and garbage is comparable to a large-city price tag, just under $140 a month for a 195-square foot apartment. Since internet is a given these days, you’ll also want to include the average cost of internet in Dallas, which is around $60 a month.
On the other hand, the average water bill in Dallas has reports of significantly rising over the past several years. In early 2018, bills were still reported at an average of under $100 a month, but due to its dry climate, this is considered a high cost compared to other cities in the US.
Average Dallas Salary
Even with a relatively lower cost of living compared to other highly populated cities, how does this balance out with the average household income in Dallas? At just under $68,000 a year, the average pay in Dallas is quite complementary to comfortable living.
As a magnet city for technology and financial companies, the selection of high-paying positions in the city raises the average income. Dallas is also a hub for industrial jobs, and with the busy Dallas/Fort Worth Airport, notes Forbes, makes this city a major stopping point for company gatherings and conferences. A large selection of universities also bring money and culture to the area, several of which bring college football fans to the area which boosts the city’s economy during the Cotton Bowl each year.
Buying a Home in Dallas
In 2015, NerdWallet found that the Dallas-Fort Worth area was one of the most popular spots for first-time home buyers in 2015. And though prices have risen a large 12.7% in the past year according to Zillow, the market in Dallas is still considered quite manageable. The average home price in Dallas is still around $385,000. Zillow predicts that home prices in Dallas will rise nearly another 12% by fall of 2019.
As was the case with renting a home in Dallas, new home buyers, or those looking for a lower price point, can explore different neighborhoods. The hip neighborhood of Oak Lawn, for example, has a median home price of $304,000. Spots like Old East Dallas have homes in the mid-$200,000s with plenty of access to restaurants and parks for young residents and families looking for a city feel.
If you’re comparing different Texan cities, median Dallas home prices are comparable to the popular Austin and Houston home market, but with greater access to career opportunities.
Living Expenses in Dallas
Once you’ve determined all your necessary bills in Dallas, how much does it cost to enjoy everything the city has to offer? When calculating your monthly budget, you’ll want to make sure your expenses balance with a comfortable salary for living in Dallas. The average monthly public transportation pass in Dallas, for example, is about $80. The DART system—Dallas Area Rapid Transit—is growing in popularity as it provides greater access to different areas of the city.
According to Numbeo, the average cost of a gallon of gas if $2.60, which is lower than other large city prices but can be high if you’re commuting into work from one of the surrounding suburbs.
Looking to enjoy the many pockets of culture and food in Downtown Dallas? Assume that a three-course meal at a standard restaurant for you and a friend will only cost about $50. This same meal in New York City is around $80, showing the money you save in this Texan town. Grab a pint of beer for just over $4 or a fancy cappuccino for just about the same price.
Over thirty percent of the Dallas population are children under 18, pointing to the popularity of family life in the city. When raising a family here, you’ll also enjoy the comparatively low childcare costs for a large metropolitan area. Average monthly preschool is $862 a month, which is significantly lower than both Chicago and New York City.
Across the board, the low cost of living in Dallas is one of the many benefits of moving to the area compared to other cities of this size. With a high promise of job growth—one of the highest in the country next to Atlanta—there’s no question that opportunity in the next decade will make the city move a worthwhile one. The draw of the popular Texas State Fair, Cowboys football and the incredibly popular restaurant and arts scenes make moving to Dallas an immersive experience.
Our dedicated team at Mighty Movers welcomes new resident from across the country or when transferring to a new Dallas neighborhood. Contact us to begin the conversation about your Dallas move. We can walk you through your upcoming transition, guiding you along the way to make yourself at home in the Dallas community.