Can You Reduce Cost of Living By Renting?
If you’re trying to reduce your cost of living (and who isn’t in this economy?), you might feel that Dallas is one of the most unlikely places for you to choose to live. However, this is not the case at all. Texas is surprisingly the fourth most affordable state to live, with rent at a pleasant 20% below the national average, and even though Dallas is a large and thriving city, it’s no exception to this rule. In fact, in Dallas alone, the overall cost of living is 17% below the national average, and rent is exceptionally low.
You can expect to pay an average of $650 monthly rent in the Dallas area and around $100 in monthly utilities. Of course, certain factors, such as what type of apartment you choose and how many bedrooms you need will influence this price. A small studio, for example, goes for a low average of around $450 per month, while a one bedroom will generally run you around $650 monthly.
A two bedroom is slightly higher at an average $900, while the luxury apartments go for around $2,500 monthly. Obviously, if you’re looking to reduce your cost of living, you’ll want to steer clear of the luxury apartments. One of the best bargains for those looking to house a larger number of people on a small budget are split level loft apartments, which typically cost only around $775 each month. Be aware, however, that these can be tough to find, so you’ll want to start your search early if that’s what you’re after.
Keep in mind that these prices include those living in the heart of the city. If you’re willing to move a little bit away from downtown, you can save a ton of money. In fact, just moving to the Forth Worth area will save you around $50 off the average in monthly rent. That might not sound like a lot, but it definitely adds up over time.
Also, the majority of the apartments included in those averages are part of larger complexes with lots of fancy amenities. When you’re on a budget, you don’t really need those. Renting from a private landlord or finding a smaller, less impressive complex can save you a ton of money. Combining a lower than average rent with the fabulously low cost of living can lead to a pretty affordable existence in this great city.
By living in such a large and thriving community, you’ll also have access to some other big money savers. Most of Dallas is served by a thrifty public transportation system which you can and should take full advantage of. Furthermore, there are tons of discount stores and shops to make buying all your necessities that much cheaper.
