Considering a move to Dallas? Moving is a big undertaking with many exciting changes. Proactively researching the finances of your move to Dallas will help you minimize surprises in your budget and help you decide if you can even afford to live there.
Dallas lies 200 miles north of Austin, 275 miles northwest Houston. and just 30 miles east of Fort Worth. Being so close in proximity to one another, Dallas and Fort Worth are commonly referred to as one metropolitan area spanning 13 counties. With 3.8% of its population being a member of the LGBT community, Dallas routinely appears on the top list of LGBT cities.
Cost of housing in Dallas:
The Dallas-Fort Worth area was ranked as the 7 best places in the US to live and work in a recent study. While Dallas may be affordable, your actual cost will largely be driven on which neighborhood you choose and if you decide to rent or buy.
Do you plan to rent or buy when you move to Dallas?
While Dallas provides many options to rent or buy, the smartest decision for your finances is entirely math based. Before taking the plunge on your new home, calculate for yourself if it’s smarter to rent or buy.
Average of rent in Dallas for a 2 bedroom: $1,479
Average home price in Dallas: $206,400
Income in Dallas:
Compared to the other seven largest metro areas, Dallas Fort Worth has experienced the highest recent job growth rate the most jobs added from November 2016 to November 2017. Because the cost of living is low, and the job opportunities are high, this makes Dallas a desirable city from a financial perspective. Compare this to other cities in our guide.
Average annual income in Dallas: $47,243
Minimum wage in Dallas: $7.25
Taxes in Dallas:
Dallas residents pay sales tax but have the luxury of no state income tax. This saves their residents between 5-10% of their income a year.
Sales tax in Dallas: 8.25%
Income tax in Dallas: 0%
Jobs in Dallas:
Assuming you wish to stay long term, it’s important to review the job market before you move to Dallas. Future job security in any city is an important consideration for its long term viability. This is especially the case for your move to Dallas, as the primary industry continues to evolve.
Fortune 500 Companies in Dallas: 17
AT&T, Energy Transfer Equity, Tenet Healthcare, Southwest Airlines, Texas Instruments, Jacobs Engineering Group, HollyFrontier, Dean Foods, Builders FirstSource,