As many would definitely agree, amazing things can happen for those who decide to reside in Dallas, Texas. Whether you are looking forward to that sumptuous meal served in an oversized plate, or that palatable Tex-Mex you have been craving for, expect that everything in Dallas is presented in a bigger way.
There is an advantage to this. For one, the cost of living in Dallas, Texas, is not one that could put a hole in your wallet, so to speak. In fact, it is relatively lower compared to other similar-sized cities in the country. What are some of the factors that impact the cost of living in Dallas? Let’s find out.
Wherever you may plan to live, no doubt that housing expenses will receive the biggest chunk of your budget allocation, one advantage of living in Dallas is that this city is currently experiencing rapid growth of employment. The growth of the year-over-year rent is at a consistent percentage of 0.2% when compared to the average from last year.
This means that an average-sized one-bedroom unit in the city is available for $912 a month. An average two-bedroom unit, on the other hand, is at around $1,133 every month. Note that the overall national average is at $1,192, which means that the housing affordability in Dallas can still be considered more reasonable than other metro areas in the nation.
As estimated according to the MIT living wage report, a single working adult who works full-time, cooking his/her meals at home typically spends about $3,010 every year for food. But of course, Texas is known for its amazing restaurants. If that same single person dines out at an inexpensive restaurant, spending around an average of $14.50 for a good meal is a good estimate. Two people dining at a mid-range restaurant will usually spend about $50.
Since Dallas is obviously a big city, getting around it should be planned accordingly. This could entail knowing how much it will actually cost you to transport around. Single adults can anticipate spending about $4,322 every year on this aspect. On the other hand, a family of three will expect more transportation costs, reaching up to around $10,689 every year. A monthly local pass on the Dallas Public Transit System cost $96 a month, or $2.50 for one one-way trip.
Utility bills that are considered basic include electricity, water, heating, and cooling, as well as garage. For a person who lives in a 915 square feet sized apartment can expect to spend around $147.50 every month. Other bills could also top in, including internet and cable. Adding these in your lifestyle will also increase your monthly utility cost, thus reaching up to $223.71 every month.
Data coming from the Agency for Healthcare Research and Quality, as well as the Bureau of Labor Statistics, were used by MIT to provide an estimation of the typical expenditure of Dallas residents on healthcare. The amount is at an estimate of $2,425 every year. This is applicable to a single person who works full-time. At the same time, the estimate can reach up to $7,673 every year for a family of three.
Extra - Entertainment and Fitness
Aside from the basic necessities, the cost of living in Dallas can also be affected by extra factors. This could also include entertainment and fitness factors – things that also determine the lifestyle of the residents in Dallas.
For example, residents in Dallas who go to the gym are expected to spend about $40.62 in terms of monthly membership payments. On the side of entertainment, if a person loves going to the movies, a ticket costs around $12.
Recommended Salary in Dallas
In order to meet the cost of living in Dallas based on the factors mentioned above, the recommended income in Dallas per household is around $35,773 every year for a one-bedroom unit. This could mean having an income of $17 per hour. For a resident to be able to rent a unit with two bedrooms and living a comfortable life, he or she needs to earn around $44,480 every year, or about $21 per hour.
To understand the overall cost of living in Dallas, it is important to learn about the “living wage”. This term refers to the minimum amount that is required in order for a resident to live above the threshold of poverty. In the state of Dallas, around $12.19 per hour is the living wage. This is applicable to a single person who works full time.
This amount does not include expenses incurred for other lifestyle and entertainment factors such as vacations and eating out in restaurants. It also does not include the amount set for savings. Towards the end of 2018, the estimated amount for the median household income here was about $48,798 every year.
Dallas Job Market
As explained by the data published by Indeed, the state of Dallas is considered as the 3rd in the country in terms of the highest salaries. One big factor that impacts this data is the presence of huge corporations which made Dallas, or the nearby areas as their headquarters. Among these companies include the AMR Corporation or American Airlines. Other companies also include AT&T, Southwest Airlines, Kronos, JCPenney, and Fossil. Healthcare facilities and companies are also big players in the state, with the presence of the Baylor Healthcare System, and the Texas Health Resources, Inc. The state is continuing to attract hungry entrepreneurs to establish their businesses here.
Moving to Dallas?
Understanding the cost of living in Dallas will allow you to make a wise decision, especially when it comes to moving. Your decision will no doubt depend on a number of factors, especially when it comes to your expectations of what you expect out of a city. If you are fine with paying a bit more to live in a bigger city, with amazing food, a lot of things to do, and a diverse culture, then Dallas might be the best place for you.Posted by VIP Realty on