What you should know about moving to Dallas

You may want to move to a place with warmer weather, or you are looking for a big city that offers just about everything, including a strong job market. Either way, Dallas should be a top contender on your list.

Dallas is a large city with jobs in many industries. Compared to many cities of its size, it is also affordable and has a reputation for being a place full of opportunities. Before you decide, you should know the following about moving to Dallas.

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With a number of large employers with headquarters or large offices in the Dallas-Fort Worth area, it is not difficult to consider Dallas. Exxon Mobil, AT&T, the American Airlines Group, Southwest Airlines, Texas Instruments and Tenet Healthcare are just a few of the companies based in the Dallas region.

Be it for professional or other reasons, many people choose to move to Dallas. Between 2013 and 2017, the Dallas-Fort Worth metro area grew by 5.7% based on net migration alone, according to the US Census Bureau. With a population of more than 7 million, the Dallas-Fort Worth metropolitan area is the largest location in which the fastest growing of the 125 most populous metropolitan areas in the United States was recorded during this period.

The region's annual average salary of $ 51,250 is slightly above the national average of $ 50,620, based on data from the Bureau of Labor Statistics. Given the fact that Texas does not levy income tax on residents, a larger portion of your money can be used to cover housing costs, entertainment, and savings.

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Finding a place to live in the distance is much easier if you rely on the expertise of a local real estate agent to help you find the right city, neighborhood, and property in this sprawling metropolitan area.

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Nitin Gupta, a broker at Competitive Edge Realty, based in Plano, Texas, states that he focuses on the position of the buyer, the budget, the type of house desired, and the list of amenities without which a person can or cannot live, to narrow the search.

Much of the initial search for accommodation takes place online. "At least 50% (the buyer is relocated) only come once and we can find something. But that requires a lot of preparatory work," says Gupta.

Here's what you need to know about moving to Dallas:

– The cost of living in the big city is relatively low.

– The housing stock is growing.

– Cities and neighborhoods are very different.

– It's not the wild west.

– Prepare for high sales and wealth taxes.

– You will drive a lot.

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The Dallas-Fort Worth metropolitan area is the fourth largest in the United States after New York City, Los Angeles and Chicago, but the cheapest compared to the other three. Dallas-Fort Worth residents pay 22.63% of the region's median household income for housing, while Chicago residents need 24.96% of their household income to meet living expenses, and both New York and Los Angeles each take around 30 %.

If buying a home is out of your budget, consider renting it. The average monthly rent in the Dallas-Fort Worth area is $ 1,022, based on long-term data from the real estate information company Zillow.

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Population growth in the Dallas region would make it difficult to afford a home in many cities, but this region has long been a leader in construction, helping to balance supply and demand.

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That doesn't mean the Dallas area is immune to the factors that are driving up the cost of building new homes elsewhere. Development is still focused on expensive houses.

"Texas has led the nation in new home construction in recent years," said Jim Gaines, chief economist at Texas A&M University's real estate center, in a press release. "As in other states, land costs, labor shortages, and development finance have been constraints on affordable housing."

The Real Estate Center predicts an 8.7% increase in house building permits in 2020 in the Dallas area, which in turn will increase the number of house sales as people continue to move to the area.

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Everything from your living expenses to general experiences can vary a lot depending on which city or neighborhood you feel at home in the huge Dallas-Fort Worth metropolitan area.

In the city of Dallas, the median home price, according to Zillow, was $ 316,300 at the end of October 2019. In Fort Worth, the price was $ 224,500.

In smaller cities, depending on your budget, you'll find more luxury apartment options and more entry-level options. For example, the average retail price in Garland at the end of October 2019 was $ 204,300, while in Prosper it was $ 458,100.

With so many options, it's important to work with an agent who is familiar with the entire metro area and can help you narrow down your search. Gupta notes that some suburbs are more suitable if you are looking for a new build home as they see significant development, while others offer the historical charm of older properties.

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Before moving to Dallas, you don't need to stock up on cowboy hats and oversized belt buckles. According to Gupta, many people who have not yet visited the city expect "cowboys walking around Dallas, but it's actually very cosmopolitan."

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You may find some Texas accents in Dallas, but the fact that the city attracts people from across the country and around the world means you may not hear as much as in other parts of Texas.

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There is no state income tax, but you pay more to the state in different ways. A $ 129,700 home in Dallas County, where Dallas is located, requires approximately $ 2,827 in annual property taxes, according to Tax-Rates.org, a tax resource.

The sales tax rate in Dallas and Fort Worth is 8.25%, with 6.25% going to the state and the rest collected for individual local purposes.

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Expect the journey from one end of the subway area to the other to take a while, especially during rush hour. You probably won't be interested in traveling that far every day. As Gupta says, "You can drive an hour and still be in the city of Dallas."

Dallas Area Rapid Transit offers several options for those who no longer need the car, including local buses, multiple rail lines, and tram and trolley options to get around, travel between cities, and commute to the airport. According to the US Census Bureau, only 1% of the population uses public transportation for daily commuting, while 91% say they travel to and from work.

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