DALLAS (KDAF) — When you consider living in any city in America most people will look at schools, jobs, things to do, and places to eat, but how much you think you’ll have to make to live there might slip your mind.
Have you ever wondered what the cost of living is in the city of Dallas? We checked out a report from Smart Asset on the True Cost of Living in Dallas.
First, the cost of living is the level of prices relating to a range of everyday items. Smart Asset says, “If you’re thinking of moving to Dallas, you should know the details on its cost of living, which encompasses everything from housing prices to utility bills. As moving to a new city and buying a home can have a big impact on your finances, you might consider working with a financial advisor to guide you.”
So, when looking at the true cost of living in Dallas, the report looked at home prices, average rent, cost of utilities, food costs, transportation costs, taxes, and entertainment costs.
- Dallas Home Prices: Median home price of $405,000
- Average Rent in Dallas: $1,568
- Cost of Utilities: Average utility bill for a 905-square-foot apartment is $160.71
- Food costs: Minimum amount of money for food per person in Dallas is $9.34 per day ($289.61)
- Transportation costs: “According to May 2019 data from GasBuddy, the average price of a gallon of gas in Dallas is $2.55. Although this is similar to the $2.54 average price for Texas, it’s much cheaper than the U.S. average of $2.87.”
- Taxes: Average effective property tax rate in Dallas County is 1.93%, no state/local income taxes, sales tax rate is 8.25%
- Entertainment costs: Professional sports games are expensive, especially to go watch the Cowboys, a lot of affordable art offerings around
“As you can see, a move to Dallas can be an affordable shift in the cost of living for many people. With a big city atmosphere, the cost of living can be much lower than in comparably large cities throughout the country. Texas doesn’t have a state income tax and many businesses are moving to the state to benefit from favorable business laws. Only you’ll know whether a move is right for you after analyzing the potential cost of living that you’ll have,” Smart Asset says.