Downtown Living - Is it worth the price tag?

[BigDGeek]

Well, the OP said "save." It reads to me like he has other things he wants to spend his money on, like investments or paying down student debt, that might make his budget tighter than he'd like at this point in his life.

Maybe you could find a roommate?

[usamathman]

Originally Posted by BigDGeek

Well, the OP said "save." It reads to me like he has other things he wants to spend his money on, like investments or paying down student debt, that might make his budget tighter than he'd like at this point in his life.

Maybe you could find a roommate?

Originally Posted by FalconheadWest

If all you'll have left over is $100 a month, you might not even be allowed to rent something at the higher prices. Apartments want you to make $X times your rent to ensure you can make the payment if you lose your job for a couple of months. Most want you to make 3 times.

Originally Posted by bencronin04

Yup agreed with above. Most places want you to make 2.5-3 times rent.

Outside of downtown but still close, safe and reasonable apartments would be something like the village. You're still probably going to pay 700-800 a month.

I will be making decent money. Enough to meet the 3x monthly rent requirement.
However, my income will not allow me to rent a room for $1k+ and still stash away $500+ each month.
If I were making another $10K that would definitely be possible. Took a huge pay cut to transition to a new career field.

BigDGeek, you are correct. I do have some things that I would like to do with the extra money.

Finding a roommate does sound like a viable option. Have not had much success finding rooms in the downtown area. I am relocating from east coast where I lived with roomates for 3 of the 5 years I was there. Not the ideal situation.

Biggest draw to living downtown would be not having to waste money on gas and tolls. Also would be able to walk to work which would make things so much easier.

My desire is to keep my commute time to under 15 mins.

Appreciate the insight all.

Going to crunch some numbers and see what I can do to make this work.

[RJ312]

It depends on where you are at in life. I would recommend Uptown over Downtown though. Uptown is pricey as well, but a better value because of better nightlife. In Uptown, a lot of people get 2 bedroom/2 bathroom places and have a roommate to make things work.

Uptown has way better nightlife if you are into that sort of thing.

Uptown, Downtown, or The Village are better options than those $550/month places you are seeing in North Dallas.

[jdallas]

I'd bite the bullet and rent downtown for a year. You will spend the same or more in Uptown and have a much longer walking distance for very little benefit. You can spend the time to get to know the area and make sure you actually like the job and the city since you are relocating. Within 15 mins of downtown is pretty much still downtown anyway when considering traffic. The commute will crush your soul if you rent in the burbs

[SlimMoeDee]

Try realtor.com rentals for zip code 75204 or 75026. You can find privately owned condos that might be less than $1K. I second the Villages suggestions. Lots of activities for young professionals.

[HockDad]

Originally Posted by bencronin04

Yup agreed with above. Most places want you to make 2.5-3 times rent.

Outside of downtown but still close, safe and reasonable apartments would be something like the village. You're still probably going to pay 700-800 a month.

Good suggestion and good location.

[Cabrio330]

Originally Posted by J800

I live in Uptown and I save around $150 a month in gas by walking 10 minutes to work.

I hate to bust your bubble but you aren't saving $150 per month! Try closer to $4.00 per month!

Average walking speed is 3.1 miles/hour, so you are walking about 0.5 miles each way or 1 mile per day. Average work days per month is 22, so you are covering 22 miles per month. Assuming you would get lousy gas mileage for a such a short commute - e.g., 10 mpg - this equates to 2 gallons per month of gas saved which is about $4.00 at today's rates, or $6.00 at average rates for last year.

[aexchange]

Originally Posted by Cabrio330

I hate to bust your bubble but you aren't saving $150 per month! Try closer to $4.00 per month!

Average walking speed is 3.1 miles/hour, so you are walking about 0.5 miles each way or 1 mile per day. Average work days per month is 22, so you are covering 22 miles per month. Assuming you would get lousy gas mileage for a such a short commute - e.g., 10 mpg - this equates to 2 gallons per month of gas saved which is about $4.00 at today's rates, or $6.00 at average rates for last year.

Try again. What you've calculated is his cost to drive to work from his current location, not the savings associated with driving to work and living farther out.

[J800]

I guess I should have been more clear. The amount saved was based on my commute in the past, when I was living farther out.

I'm able to walk now, which means I fill up less. It doesn't make much sense to turn my car on and drive less than a mile to work unless the weather is bad.

[Cabrio330]

Originally Posted by J800

I guess I should have been more clear. The amount saved was based on my commute in the past, when I was living farther out.

I'm able to walk now, which means I fill up less. It doesn't make much sense to turn my car on and drive less than a mile to work unless the weather is bad.

Got it! Wasn't aware that you had moved. And your point is more relevant to OP's question anyway. I just saw $150/month and thought HUH?!