Life in big cities can sometimes be fun and entertaining and sometimes it can be a bit challenging and stressful. The city of Dallas has a population of 1.3 million people and has seen a demographic boom after 1980. With high demands for new houses and office buildings the city of Dallas, TX has seen significant growth in many areas. The prosperous economy of Dallas has grown in the beginning because of its cotton market which was known in 1900 to be the largest one in the world.
Later discoveries of petroleum in east Dallas has rapidly placed it at the center of the petroleum market in 1930. Later on, after the war, many companies in the field of communication, engineering, and production talent have spread their seeds in Dallas. After that, Dallas was often referred to as the heart of “Silicon Prairie” because of the high concentration of telecommunication companies in the area. In addition to the prosperous business market in the area. Also, Dallas is home for the second-largest shopping center ever built in the USA.
With Dallas being the third most popular destination for business travel in the United States, there is no question why people come here. If you want to be part of the big city of Dallas, you can contact one of our top real estate agents in Dallas and get some of the best offers in terms of housing. Relocate here and start your own business in one of the most prosperous cities in Texas.
You might think that a city in the metropolitan area with such a diverse market and prosperous economy would come with high costs of living and not everyone could afford to live here. We would like to bring some light in that regard and see if Dallas is a good place to live in. Let’s see what is the average income in Dallas, TX and how much would you need to earn in order to comfortably live here?
The median annual household income in Dallas, according to major listing sites is around $52,000. Although, the largest share of households has an income in the range of $75,000 and $100,000. Living in Dallas vs Chicago, or any other major cities in the USA is much cheaper. The costs of living in Dallas are 5% higher than the national average. Also, the costs of living in an area could vary based on the average salary in the neighborhood and the real estate market.
If we break up the expenses into categories than we have transportation and groceries which are cheaper than the national average by about 5% and housing and utilities are about 5% higher than the national average.
It is common for housing to be the biggest expense and this applies to Dallas as well. The job growth that has occurred in Dallas during the past few years has driven up the demand for housing. This is one of the reasons why over the past five years, rental prices have increased by about 16%. The average rent in Dallas is around $1,200 with 36% of apartment renting between the $700 and $1000 range and 39% of apartments renting between the $1000 and $1500 range.
Median property value is around $230,000 in Dallas and about 57% of housing units in Dallas are occupied by their owners and about 43% are occupied by tenants.