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There have been studies that go both ways. When spending over $100k on a house, i'd personally rather not risk it. Even if the studies are false, and there's no negative effect on health, what about on resale value of your property?
If you're looking in the area immediately to the North East of 635/MacArthur, then do a search in the MLS, there's a disproportionate number of homes for sale in that immediate neighborhood, and the price/sq. ft is quite low on all of them. Additionally, the lot sizes are quite small.
The problem i've found with parts of Valley Ranch are the power lines. The Northlake Power station is hidden out to the west, but the power lines radiate outwards, making some homes surrounded by more than one set.
Another area to be careful of is going westwards towards the power plant. It seems that the older homes in Valley Ranch are further away from power lines, and have larger yards. Just my own personal observation.
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