and helps you determine a livable salary. Dallas, Texas's cost of living is 2% higher than the national average. The metropolitan area discussed in this release is the Dallas-Fort Worth-Arlington, MI Metropolitan Statistical Area which comprises Collin, Dallas, Denton, Ellis, Hood, Hunt, Johnson, Kaufman, Parker, Rockwall, Somervell, Tarrant, and Wise Counties in Texas. Get the latest info on market conditions, price movement, real estate trends, and more. If you prefer to download the image, please credit us as a source. Pre-qualified offers are not binding. Expect to spend approximately $5,509 a year on transportation as a single adult. Learn more about the average rent prices in Dallas and the best neighborhoods to live in Dallas. platform based on information gathered from users through our online questionnaire. By many accounts, the job market throughout Texas is booming. How Much Down Payment Do You Need to Buy a Home. There are ways to trim that down. Transportation tends to cost 10.06% NerdWallets cost of living calculator is powered by data from The Council for Community and Economic Research (C2ER). Bankrate follows a strict editorial policy, so you can trust that were putting your interests first. Listing information provided in part by the North Texas Real Estate Information Systems, Inc, for personal, non-commercial use by viewers of this site and may not be reproduced or redistributed. The same type of job in the same type of company in Dallas, TX will typically pay $56,508 . While there are many factors driving this growth job opportunities, weather and sizable, sophisticated cities the Texan cost of living is also one of the top draws for transplants. Take our 3 minute quiz and match with an advisor today. As a big city, knowing how to get around Dallas, and how much it is going to cost you, is key to life here. Median 2-bedroom apartment rent. Use our cost of living calculators to assess how much youll need to earn to live comfortably in key cities. Statistical significance is concerned with our ability to make confident statements about a universe based on a sample. The median income for an individual is $32,597, which is 2% less than that of the state. Cost of Living Index: Dallas, TX: San Antonio, TX: U.S. Avg: Difference: Health: 94: 93.3: 100: 0.70 (0.7% less) 100 = US Average. With that being said, you should know that the cost of living in Dallas for housing is 15.9 percent above the national average and properties do not sit on the market long. Voice phone: (202) 691-5200; Telecommunications Relay Service: 7-1-1. Not into that? Core cost of living data is fromThe Cost of Living Index - COLIfrom the Council for Community and Economic Research. How much should you contribute to your 401(k)? Answer some questions to get offerswith no impact to your credit score. A household in the CE survey is defined as a consumer unit which includes families, single persons living alone or sharing a household with others but who are financially independent, or two or more persons living together who share expenses. Any information relating to real estate for sale referenced on this web site comes from the Internet Data Exchange (IDX) program of the ACTRIS. The median home price is $214,700 as compared to $195,000 for the state. Users should also keep in mind that prices for many goods and services have changed since the survey was conducted. This means that if you work in Texas, your paycheck will be free of taxes other than the federal income taxes. If you are a family of four (two working adults and two children), your transportation cost will increase to $15,012 a year. Demands for a living wage that is fair to workers have resulted in numerous location-based changes to minimum wage levels. Dallas's housing expenses are 3% lower than the national average and the utility prices are 14% higher than the national average. She is a wife, mom of two boys and in her spare time, you can find her blogging about Dallas hotspots and playing with her two pups. is in violation of the regulations of this system. Transportation costs in Dallas are 6.8 percent under the national average. Just know that whether you are seeking a general family doctor, an emergency comes up or you need special medical attention, Dallas has elite healthcare providers, services, hospitals and facilities. For example, the cost of living in San Francisco is twice that of Boise, Idaho. What is the breakdown of the cost of living? For example, the share of expenditures for food, which accounted for 9.6 percent of the average households budget in the Dallas area, was lower than the national average of 12.2 percent. Sania previously worked in marketing at Habitat for Humanity and Samsung Electronics. Users may not reproduce or redistribute the data found on this site. Food prices in Texas are generally quite affordable, according to Apartment List, an online marketplace for U.S. apartment listings. This compensation may impact how and where products appear on this site, including, for example, the order in which they may appear within the listing categories, except where prohibited by law for our mortgage, home equity and other home lending products. To maintain your standard of living in Seattle, WA, you'll need a household income of: $74,038. There are no guarantees that working with an adviser will yield positive returns. The living wage is defined as the minimum amount of money needed to live above the poverty threshold. For an individual with one child that increases to $9,776 per year, and someone with two children can expect to spend $12,709 annually on transportation-related expenses. Get an estimate of income required to live comfortably in Dallas. So, to cover for housing that is 30 percent of your annual income, you need to earn at least $55,600 annually in Dallas. Dallas is a very pet and dog-friendly city but just know that a trip to the vet will set you back $64. Stay up to date on the latest apartment hunting tips. We are compensated in exchange for placement of sponsored products and, services, or by you clicking on certain links posted on our site. Taxes in Texas. If you own a Toll Tag, you get a special toll rate of 19 cents per mile worth the initial $40 payment. What you pay for utilities will rely on usage, but you can expect them to run 8 percent above the national average. The median home price in Dallas is $362,500 with a median price per sqft of $222. The cost of living in Houston, TX is 11.29% The information included in this listing is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Understanding the expected costs in Dallas can help you determine whether a given salary is a livable salary. You can balance dining out at fancy rooftop restaurants with cost-effective home-cooked meals since groceries here remain fairly priced. Consider the miscellaneous category the catch-all for all other expenses, like the price of groceries, office supplies, clothing, vet services and more. All of our content is authored by Enhanced Cost of Living Calculator . SmartAssets If you find that the housing costs in your destination city is much higher than where you are now, it would be a good idea to research some nearby locations to find lower rents and mortgage rates. In May 2022, a measure passed to essentially cut school district property taxes for homeowners who are 65 and older or disabled. A cost of living index allows you to directly compare what it costs to live in one area against another, helping you understand how far your money can go in each place. Looks like you're new here. information you provide is encrypted and transmitted securely. In Houston, Texas, cost of living was 91.8 percent of the national average. 11. Aside from the essential bills, the goods and services category encompasses anything that is not consumable. principal. Although this is similar to the $2.54 average price for Texas, it's much cheaper than the U.S. average of $2.87. You could eat out less, cut back on takeout and cook more often. Seniors in El Paso and San Antonio pay far less, with typical fees averaging $3,750 and $3,413 per month, respectively. and accompanying city life tool go one step further by offering information on schools, quality of life and demographics, giving users a one-stop shop to explore new cities. Before sharing sensitive information, You can expect to spend an average of about $867 per month on a studio apartment in the state, compared to a national average of $949. Our goal is to help you make smarter financial decisions by providing you with interactive tools and financial calculators, publishing original and objective content, by enabling you to conduct research and compare information for free - so that you can make financial decisions with confidence. Your lifestyle and what you prioritize will also play into whether a particular destination is suitable for your salary and ideal cost of living. But even then, the price of groceries is going to significantly influence your cost of living. Prepare to pay $96 a month for a local monthly pass, or $2.50 for a single one-way trip. Pre-tax household income. Within Dallas, the average rent is declining year-over-year, and if you have ever considered moving to Dallas, now is the time! Here is how you know. According to the U.S. Bureau of Labor Statistics, the largest bill consumers pay each month is for housing. knowledge handy before you move can help set expectations or help you decide to move somewhere else. But what does that amount to exactly in terms of an annual expense? San Antonio and Arlington also rank highly thanks to their affordability. Transportation expenses like bus fares and gas prices are 14% lower than the national average. A meal for two at a mid-range restaurant costs around $75. Below 100 means cheaper than the US average. Theres also maintenance, upgrades, taxes and fees to take into account when deciding where to live. A one-bedroom in Texas runs about $953 compared to $1,048 nationally. Utilities, such as electricity, fall at 100 out of 100. In affluent areas such as Trophy Club and Mansfield, home values can tower in the multi-millions. A monthly energy bill is close to $200, higher than in New York, Atlanta and even Los Angeles. NerdWallet Compare, Inc. NMLS ID# 1617539, NMLS Consumer Access|Licenses and Disclosures, California: California Finance Lender loans arranged pursuant to Department of Financial Protection and Innovation Finance Lenders License #60DBO-74812, Property and Casualty insurance services offered through NerdWallet Insurance Services, Inc. (CA resident license no. Dallas-area households allocated their dollars similarly to the nation in 5 of the 8 largest major components. (See chart 1 and table 1.). Source: Wikipedia (as of 04/11/2019). Should you accept an early retirement offer? And it adds up. That's probably because we're measuring average costs for the larger metro area, not just the city limits. To reside in one of these neighborhoods, you will find yourself paying $2,000 to $2,500 on average monthly rent for a one-bedroom apartment. Housing is normally your biggest expense anywhere you live, so lets start by evaluating the cost of living in Dallas. This makes it an average US city. See Phoenix's complete City Life page. How to Get Preapproved for a Mortgage and Why It Matters. You could eat out less, cut back on takeout and cook more often. A hot summer is usually followed by cooler temperatures during the winter months when heating expenses may be low. To maintain your standard of living in Houston, If you find discrepancies with your credit score or information from your credit report, please contact TransUnion directly. 2023 Houston Realtors Information Service, Inc. All information provided is deemed reliable but is not guaranteed and should be independently verified. . Phoenix, AZ. Education data was provided courtesy ofGreatschools, a nationwide ratings system that evaluates schools based on performance on state achievement tests. Disclaimer: NerdWallet strives to keep its information accurate and up to date. All rights reserved. And it adds up. The site is secure. Regional Commissioner Michael Hirniak noted that this figure was not significantly different from the $64,187 average expenditure level for households in the United States. Figure out how much money you have to make to comfortably live in Dallas. Just like with food costs, you can curb how much you spend on entertainment by altering your behavior. A trip to a beauty salon averages $45, a movie ticket runs $11 and a yoga costs about $21 per class. For additional technical and related information, see www.bls.gov/opub/hom/cex/home.htm. In Dallas, rent averages $1,201 per month for a one-bedroom. The calculator will give you a breakdown of your monthly spends on food, utilities, transportation, housing, healthcare, and other miscellaneous items to help you determine your cost of living in Dallas. 31 nationally. Simply pick your marital status and family type from the drop-down. It's one of the largest in the region and includes 16 hospitals employing over 17,000 employees. Its population increased by more than 4 million people between 2010 and 2020. Click here to customize .) A gallon of regular unleaded gas costs $1.92 and is cheaper than in other large, popular Texas cities like Houston and Austin. You can score a food truck meal for under $5. Current city. All financial products, shopping products and services are presented without warranty. TX. Even with this being the case, transportation costs in Texas remain about 9 percent lower than the national average. The goal is to pay under 30%, but that may not be achievable in your destination city or town. Demographics data (including population, age, ethnicity, education and gender breakdown) were compiled from the, Quality of life data (gyms, bars and beauty salons per 1,000 residents) were collected from the Yellow Pages. It's very reasonably priced to get around Dallas, whether you own a car, take advantage of public transportation or use ride-booking services in the city. Median Home Price. Federal government websites often end in .gov or .mil. From big cities like Dallas and Houston to more rural regions in Texas Hill Country, there are many different ways of life and styles of living. Other growing industries providing a fair share of jobs include manufacturing, technology and services. https:// ensures that you are connecting to the official website and that any Healthcare requirements vary so much from person to person, so it's tough to come up with an average for overall healthcare. Dallas ranks 7.1 percent higher than the national average in this category. Click here to customize .) Some employers have company provided day care centers that let you bring your child to work with you and receive care on site. Whether thats a mortgage or rent, a large percentage of your salary will go toward your housing expenses each month. In case you haven't heard, Texas summers are sizzling hot. Because the price of goods and services varies from one city to the next, calculating the cost of living will determine how affordable it is to live in a certain area. Take a second to pick your favorite Tucson apartment. Weve maintained this reputation for over four decades by demystifying the financial decision-making View future changes in the minimum wage in your location by visiting. If you take the average rent price for a one-bedroom in Dallas, which is $1,390, and multiply that by 12, you get what you need for housing for the year $16,680. Everything you need to know about local demographics, nearby schools, public transport, market trends, and more. Trying to stay cool in Dallas is no joke so just prepare to crank up that A/C. We do not include the universe of companies or financial offers that may be available to you. The U.S. Census Bureau reported a population of 1,288,457 people living in Dallas in 2022. If you are using a screen reader, or are having difficulty reading this website, please emailaccessibilityfeedback@rent.com. Compare the cost of living in 2 cities. The citys year-over-year rent growth has increased by 6.2% in comparison to last year's average. This could contribute to higher energy costs during the summer based on your thermostat setting and preference for a cool indoor climate. Our experts have been helping you master your money for over four decades. Currently, a median one-bedroom in Dallas rents for $1,201 per month. A meal for two people at a mid-range restaurant will cost around $75. Average Monthly Rent $1,598 Home Price $397,399 Mortgage Rate 2.75% Thinking of moving? Experience the rich history and vibrant culture of San Antonio through these stunning apartments. Last Modified Date: Monday, October 31, 2022, Chart 1. lower We continually strive to provide consumers with the expert advice and tools needed to succeed throughout lifes financial journey. Texas cost of living at a glance Average cost of a one-bedroom apartment for rent in Texas is $1,319- $1,600 per month Average cost of utilities in Texas is $128.50 per month Average annual salary in Texas is $57,382 per year Cost of living in Texas is 2.3% lower than in Florida New York (Manhattan), NY. If you move to Dallas, you will pay property taxes and sales tax. Sania is a content manager and contributing author at Apartment List. It is also a great city for singles and couples, with plenty of housing, entertainment and career choices. Use of this system and its resources is monitored at all times and requires explicit and current permission. It depends on which amenities are important to you and the lifestyle you want to live within the city. While other resources provide basic cost comparisons,NerdWallets cost of living calculatorand accompanying city life tool go one step further by offering information on schools, quality of life and demographics, giving users a one-stop shop to explore new cities. Living in Dallas means getting used to having casual eateries, mid-priced options or five-star restaurants with highly accredited chefs right at your fingertips. Demographics data (including population, age, ethnicity, education and gender breakdown) were compiled from theU.S. Census. Dallas, TX. Transportation expenses like bus fares and gas prices are 12%. The data in this release were averaged over a 2-year period, 2020 and 2021. Here's an explanation for how we make money Fun little fact: There's no state or local personal income tax in Texas. The median after-tax salary is $5400, which is enough to cover living expenses for 2.2 months. The cost of living in Dallas is significantly lower than in other comparable large cities across the nation. The median home price in Dallas is $342,500 with a median price per sqft of $228. If you're shopping for supermarket staples, you'll see ground beef costs $4.42, a half-gallon of milk costs $1.97 and eggs are $1.15 for a dozen. 24 on U.S. News & World Report's Best Places to Live" list for a good reason. Dallas is part of Dallas-Plano-Irving Metro Metro Div. Percent share of average annual expenditures for housing, transportation, and food, United States and 22 metropolitan areas, Top Picks, One Screen, Multi-Screen, and Maps, Industry Finder from the Quarterly Census of Employment and Wages, www.bls.gov/regions/subjects/consumer-spending.htm. Driving from Dallas to San Antonio is 273.9 miles and takes about 4 hours and 16 minutes in normal traffic. Another good rule of thumb is the 50-30-20 rule which says 50% of the net income (income after tax) should be spent on needs, 30% on wants, and 20% on savings and investments. Summaryabout cost of living in Dallas, TX, United States: Family of four estimated monthly costs are 3,979.1$without rent (using our estimator). app for Android and iOS. Living in Dallas: 19 Things to Know Before Moving to Dallas, Average Rent in Dallas & Rent Price Trends. However, expenditure shares, or the percentage of a households budget spent on a particular component, can be used to compare spending patterns across areas. But in Houston, youll find a cost of living 5 percent lower than the national average. The cost of living in Dallas is 7.7 percent higher than the national average, but it still costs less to live here than in cities like Los Angeles, Boston and Chicago. Highlights of the Dallas areas 2020-21 spending patterns: Table 1. To maintain your standard of living in Houston, TX, you'll need a household income of: $62,898. Average Rent in Houston & Rental Price Trends, Average Rent in Austin & Rental Price Trends. Above 100 means more expensive. Copyright NTREIS 2023. A salary of $70,000 in Dallas, Texas should increase to $116,851 in New York, New York (assumptions include Homeowner, no Child Care, and Taxes are not considered. lower. Private school data was obtained from the Department of Education, and average private tuition was compiled by averaging tuition across randomly selected schools in each city. Whats the average cost of living in Texas? The Most Beautiful Apartments in San Antonio, The Council for Community and Economic Research, Do Not Share or Sell My Personal Information. , cost of living Calculator to you you are using a screen reader, or 2.50! 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Apartment List, an online marketplace for U.S. apartment listings Do you need to Buy a home,., popular Texas cities like Houston and Austin have company provided day care centers that let you bring your to! A hot summer is usually followed by cooler temperatures during the winter when. Helping you master your money for over four decades move to Dallas, rent averages 1,201! To cover living expenses for 2.2 months in the multi-millions not share or Sell My personal information reliable is... Curb how much you spend on entertainment by altering your behavior are sizzling.... You live, so you can expect them to run 8 percent above cost of living in dallas texas. Let you bring your child to work with you and the lifestyle you to! Toward your housing expenses each month is for housing system that evaluates schools based on information from! Your biggest expense anywhere you live, so lets start by evaluating cost. 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