The cost of living is often one of the most crucial things that many of us think of when we are looking at a retirement location. Dallas may not be one of the cheapest places to live in Texas, but it stands out in various aspects that matter to people looking at retiring in Dallas, TX. As of August 2017, Forbes figures the cost of living in Dallas, TX to be slightly above the national average by 8.4% but residents can look forward to enjoying free electricity at night. Residents are also not required to pay a state income tax. Join us in exploring other key expense areas for Dallas, TX.
Dallas Housing Costs
Rental and housing prices are on an upward trend in Dallas and not many changes are to be anticipated in the near future. Job growth and a stable stream of new residents are keeping housing prices on the rise. For the Dallas-Plano-Irving area, the median home price as of August 2017 is approximately $240,600. For rental, the average monthly amount is $1,267 as of July 2017 for a one-bedroom apartment within the Dallas area. Even so, the high housing costs can be partially offset through lower electricity costs with some plans even offering free power on weekends.
Dallas Food Costs
Food costs in Dallas are in line with the national average. It is found that residents spend more dining out as compared to groceries than the average American. For residents who do go grocery shopping within the Dallas area, a dozen eggs can average at $1.89, a gallon of milk can average at $2.53, and a pound of chicken breasts can average at $2.86.
Dallas Transportation Costs
The prices are slightly higher for overall transportation in Dallas as compared to the national average. However, retirees may not even factor in transportation costs as part of their monthly expenditure as they do not have a workday commute. Gas prices in Dallas range from $1.99 to $2.29 per gallon as of August 2017 whereas car owners can expect to pay for auto insurance around $1,395 to $1,806. There are plenty of insurance options that offer extensive coverage while still being relatively affordable. You should always scout for the most ideal plan that suits your unique needs including your budget.
Dallas Senior Care Costs
For the year 2016, the average cost of senior living in Dallas was higher than the national median but nursing home costs are significantly lower than the average. Adult daycare costs in Dallas are also slightly lower than the national median, whereas home health care services are on par. For residents of a retirement community, they may be eligible for a variety of financial assistance programs. The programs include Medicaid, the STAR+PLUS Home, and Community Based Services Waiver, the Community First Choice program, the Community Care for Aged and Disabled Program, and the Supplemental Security Income program. Depending on the level of care you need as a retiree, you can inquire with your local agency to process the necessary applications.