Before you move to a new city, it’s important you establish the amount it will cost you to reside there. Living costs describe the amount you require to sustain a particular lifestyle in a given area.
Bear in mind that the cost of services and goods differ across cities. Therefore, calculating the living cost will help you establish how much less or more you should make and help you consider expenses.
The costs that determine the living cost include housing costs for homeowners or renters, entertainment costs, housing affordability, taxes, and food costs. Here’s an overview of what it will cost to reside in Dallas.
Food
For a major city such as Dallas, food is surprisingly affordable. The recommended amount you need for food is $9.34 daily per person or $289.61 per month. However, this is under the assumption that you’re purchasing the bare minimum and merely shopping at your local grocery store.
If you desire a takeout meal, you can expect to spend about $13 at an inexpensive restaurant. However, a three-course meal at a mid-range restaurant costs around $50 for two people.
Housing
The median house value is $213, 300 in Dallas. Home values have in fact risen 9.6% over the past year. The values are expected to increase by 4.5% within the subsequent year. The median list cost per sq ft is $206 in Dallas; this is higher than the DFW-Arlington Metro $139 average. The median cost of homes presently listed in this city is $389,000. In terms of rent, the median rent cost is $1,800.
Transportation
Numerous residents prefer driving to get around instead of taking public transit. Nevertheless, Dallas has the DART or Dallas Area Rapid Transit if you don’t have a vehicle. The monthly charge for DART passes is $192 for regional service and $96 for local service.
Day passes on the other hand cost $12 for regional and $6 for local. According to data, the average cost of a gas gallon is $2.55 in Dallas. While this figure resembles the average $2.54 cost for Texas, it’s actually cheaper than the national average of $2.87.
Property Taxes
If you’re moving to Dallas from a different state, your property taxes are probably higher than where you were previously. The offset is that you won’t pay any local or state income taxes. Based on your income level and your home’s value, your local and annual state tax bill might be less where you’re living currently.
On average, the property rate is 2.06%, which is one of the highest statewide. Although you won’t pay any local or state taxes, you’ll incur a sales rate of $8.25; the figure is a combination of the state sales rate of 6.25% and the 2% Dallas city rate.
Entertainment Costs
Few American cities have as many fans as Dallas when it comes to sports. If you want to watch a Cowboys game, you can expect to spend $112.05 on average. Costs on the secondary market could get steeper, especially later in the season. If you’re not an NFL enthusiast, you could opt for the Dallas Mavericks, which is less expensive than the Cowboys.
Final Thoughts
Relocating to a new city could have a huge influence on you financially and you’ll need to make numerous decisions. For this reason, it’s prudent to collaborate with the appropriate financial advisor. If you’re new in this city, this guide will come in handy.
For more information on Dallas living cost in 2019, contact us at Apartment Agents or leave a message.